As it was announced at the beginning of the year, PASHA Holding
intends to proceed with an Initial Public Offering (IPO) of PASHA
Bank, marking a historic milestone as the first private bank and
private entity in Azerbaijan to initiate a public listing process.
The planned IPO represents a significant step in PASHA Holding’s
strategic evolution, reflecting both a forward-looking vision and a
disciplined, growth-oriented approach.


Commenting on the development, Jalal Gasimov, CEO of PASHA
Holding, said: “For the first time in our history, we are preparing
to take one of our core assets, PASHA Bank, to the public markets.
This is not only a milestone for our Group, but also a first for
Azerbaijan’s private sector.”


Gasimov emphasized that the decision is grounded in both
strategic necessity and long-term ambition: “At its core, an IPO is
about capital. It will enable the bank to continue its growth
trajectory and strengthen its role in supporting the real economy.
Over the years, we have built a strong foundation through retained
earnings and shareholder support. Now, we are opening the next
phase of growth to the market.”


Beyond capital raising, the IPO is expected to enhance
transparency and institutional discipline: “We also want to
understand how the market values our bank - and to invite that
discipline. Becoming a public company brings greater transparency,
accountability, and rigor. These are not obligations we take
lightly; they are standards we actively seek.”







PASHA Holding also highlighted the broader significance of the
IPO for Azerbaijan’s financial ecosystem, particularly the
development of local capital markets: “Today, the local capital
market remains limited, with few private issuers. For a healthy
financial ecosystem, there must be both investors and companies
willing to open themselves to the market. We are ready to take that
step — not only for our own growth, but to contribute to the
development of a more dynamic and diversified economy. Over time,
this may also include listings of other assets within our
group.”


The Group views the IPO as an extension of its long-standing
mission to support economic growth and investment: “I am
particularly pleased that this milestone comes in the year of PASHA
Holding LLC’s 20th anniversary, as it marks a new chapter in our
journey and contributes to our shareholders aspiration moving from
growing to sharing. For two decades, we have supported our clients
in investing and expanding their businesses. With this IPO, we take
that philosophy one step further - opening the door for a broader
community of investors to participate in the next phase of our
journey.”


Established in 2006, PASHA Holding is one of the leading
conglomerates in the country operating across a diverse range of
sectors, including banking, insurance, fintech, real estate, retail
grocery, agriculture etc. With a workforce of more than 25,000
employees and total assets exceeding USD 18 billion, the Group has
a growing international footprint. PASHA Holding currently operates
in six countries: Azerbaijan, Uzbekistan, Türkiye, Georgia,
Montenegro, and the United States.