Why is this important
Korzinka is the largest retailer in Uzbekistan. A potential IPO could be the national brand’s first public offering in retail and a symbol of the country’s private sector’s maturity.
What happened
- Zafar Khashimov told Bloomberg that he is considering the possibility of Korzinka’s IPO, but the timing has not been determined.
- He emphasized that risks in Uzbekistan are manageable, and changes in the country are irreversible.
- This week, Shavkat Mirziyoyev visited the Anglesey Food Distribution Center, which serves Korzinka.
- The center, with an area of 49 thousand m², is the largest A-class logistics hub in Central Asia, built for $50 million.
- The center serves up to 500 supermarkets and includes 145 gates, 5 temperature zones, solar panels, and a CO₂ refrigeration system.
- Korzinka plans to increase the number of stores to 1,000 in the coming years.
What they say
Risks in Uzbekistan are quite manageable, and changes seem irreversible, — Zafar Khashimov, founder of Korzinka.
Korzinka’s press service, in a comment to Spot, noted that they are not ready to discuss the IPO while various development options are being considered.
Context
Korzinka is a leading player in Uzbek retail, and the company is actively expanding its logistics, operating capacity, and reach. In Uzbekistan, interest in companies entering the IPO is growing, including within the framework of the state privatization program. Bloomberg and other Western publications note the growing interest of investors in the private sector of Uzbekistan. The Korzinka project is supported by the IFC and DEG, which increases its investment transparency.
