PASHA Holding plans IPO of PASHA Insurance

Azerbaijan’s PASHA Holding plans an initial public offering of shares in PASHA Insurance, the holding’s chief executive Jalal Gasimov told Reuters.

“We have a preliminary intention to do this, but the final decision will be made closer to the end of the year,” Gasimov said.

PASHA Bank, one of Azerbaijan’s systemically important banks, launched its own IPO on April 13, offering investors a 5% stake. The bank plans to place 932,926 shares at 55 manats ($32.4) each.

PASHA Holding’s plans reflect efforts by the authorities to revive Azerbaijan’s stock market, which remains small and largely focused on debt instruments.

Gasimov cited a weak investor base and a lack of analytical infrastructure as key constraints on market development.

“Not all investors are able to read financial statements. In developed markets, they rely on analytics; here, that part of the infrastructure is only beginning to form,” he said.

According to Gasimov, capital market development would give businesses an additional source of financing alongside bank lending.

He said foreign investors still showed limited interest in Azerbaijan’s equity market.

“Institutions such as the European Bank for Reconstruction and Development mainly participate through local-currency bond issues rather than by buying shares in local companies,” Gasimov said.

PASHA Insurance is one of Azerbaijan’s systemically important insurers. In 2025, its assets rose 13.6% to 316.0 million manats ($185.9 million), insurance premiums increased 10.6% to 339.6 million manats ($199.8 million), and net profit stood at about 39.3 million manats ($23.1 million).

PASHA Holding’s assets total about 30.5 billion manats ($17.9 billion). The company is mainly active in banking, real estate, insurance, agriculture and technology.