TBC Capital served as the exclusive financial advisor on the successful initial public offering (IPO) of PASHA Bank OJSC, one of Azerbaijan’s leading private banks, marking a significant milestone for both the country’s capital markets and TBC Capital’s expanding regional investment banking operations.
PASHA Bank successfully completed its IPO, offering shares to a broad range of investors and entering a new phase of growth and development. The transaction further reinforces TBC Capital’s growing role in regional investment banking and demonstrates its ability to successfully execute complex capital market transactions beyond Georgia.
As part of the offering, PASHA Bank placed ordinary shares representing 5% of its share capital, which have been listed on the Baku Stock Exchange. The total offering amounted to approximately AZN 51.3 million (around USD 30.2 million) and attracted participation from more than 18,000 investors. Investor demand exceeded the offered volume by approximately 1.3 times, making PASHA Bank’s IPO one of the most successful public offerings in the history of Azerbaijan’s capital market.
“PASHA Bank’s IPO represents an important milestone not only for Azerbaijan’s capital market but for the broader region as well. We believe this transaction demonstrates that companies can successfully execute sophisticated capital market transactions within regional markets,” said Otar Sharikadze, Director of TBC Capital.
“Nearly a year of intensive collaboration with PASHA Bank and all parties involved in the transaction allowed us to thoroughly assess market demand and investor appetite, ultimately contributing to the successful outcome of the offering.
This transaction further strengthens TBC Capital’s leadership position among regional investment banks and confirms our capability to execute complex capital market transactions not only in Georgia but across the wider region. Following our expansion into Uzbekistan, Azerbaijan has become the second international market where we have successfully extended our investment banking activities. This marks an important step in strengthening our regional presence and creating new opportunities for investors. We are proud to have supported PASHA Bank throughout this complex process and congratulate its team on the successful completion of this historic transaction.”
Commenting on the transaction, Javid Guliyev, Chief Executive Officer and Chairman of the Executive Board of PASHA Bank, said:
“Today marks a historic milestone for PASHA Bank. We have successfully completed the first-ever IPO by a private bank in Azerbaijan’s history, and our shares are now listed on the Baku Stock Exchange. The trust demonstrated by more than 18,000 investors and the strong demand exceeding the offered volume reflect not only confidence in our bank but also growing interest in Azerbaijan’s capital market. I believe this transaction will serve as a successful example for future market participants and provide a significant boost to the development of investment culture in the country.”
