Oppenheimer, a US-based company together with Citibank will act as underwriter in the IPO of Uzbekistan's Centrum Air airline, announced Oppenheimer Managing Director John Tonelli during a meeting between President Shavkat Mirziyoyev and leaders of American business and financial institutions in Washington, D.C. Wednesday.
According to Tonelli, the company's strategy, which integrates air, road, and rail transportation, as well as cargo, logistics, and passenger operations, is aimed at transforming Uzbekistan into a regional logistics hub.
"Implementing these plans will undoubtedly require significant resources. Therefore, Oppenheimer, together with Citibank, will act as the underwriter for the IPO. We plan to value the company at $2 billion. This will make Centrum Air one of the most valuable companies in Central Asia," he said in a segment on the Uzbekistan 24 television channel. However, it was previously reported that the plan was to list shares for the entire holding company, not just the airline.
According to the presentation, the plan is to raise $600 million through the IPO, or approximately 30% of the shares (valuing the entire company at $2 billion).
He also announced new initiatives, including project financing in Andijan province. The provincial administration noted in September that Oppenheimer intends to participate in the financing of three major projects worth a total of $1.2 billion.
Specifically, the discussions included the $180 million textile industrial zone project, the $20 million Khanabad artificial lake project, and the $1 billion "New Andijan" urban development project.
"Furthermore, we are working on a number of new projects. In particular, work is ongoing for project financing in Andijan province, whose governor is present at this event," Tonelli stated.
Furthermore, one major international investor vows to expand its presence in Uzbekistan:
"It should be noted that one of our major international investors—a bank operating in Europe and Latin America—plans to open a regional representative office in Tashkent, along with its head office."
