Azerbaijan may host two to three initial public offerings (IPOs) in 2026, according to Taleh Kazimov, Chairman of the Central Bank of Azerbaijan (CBA).
He did not specify which sectors the potential issuers represent but noted that several companies are preparing to enter the public market.
Kazimov highlighted that the success of ABB’s first IPO – which brought 33,000 new investors into the market – has become a major catalyst for the development of Azerbaijan’s capital market.
“The number of depository accounts at the National Depository Center has grown from 1,800 to 40,000. With new IPOs, this figure could reach 55,000-100,000 as early as 2026. For comparison: the number of unique bank depositors, accumulated over 30 years, stood at just around 106,000 as of January last year,” he noted.
The CBA chief said the IPO market has matured, and the capital market infrastructure is now ready to scale. “Previously, opening an account and executing transactions on the securities market took 3-5 days. Today it takes just 30–60 minutes through a mobile app. Access to the market is extremely simple. This was proven by the ABB offering – 84% of applications were submitted via mobile. And investors earned at least 15% return,” Kazimov added.
He stressed that financial-sector companies remain the most prepared for public listings.
Jalal Gasimov, CEO of PASHA Holding, confirmed to Report that the group is considering an IPO, including a possible offering of PASHA Bank shares.
“The issue is under review. To determine the size of the stake, we must assess market capacity. We are prepared to offer a small discount so investors can benefit. We want a structure that allows all categories of investors to participate. The nominal price will likely be between 50 and 100 manats,” he said.
Savash Uzan, CEO of Azersun Holding, also said the company is assessing a public offering. A year ago, the group was considering selling 20-25% of the Azerbaijan Paper and Cardboard Plant.
“However, plans were revised due to market conditions. We want to re-evaluate the situation. The final decision will depend on the company’s year-end financial results and the capital market’s capacity to accommodate several IPOs,” Uzan said, adding that Azersun could move ahead with an IPO next year if conditions are favorable.
