Nurbek | Finance & Capital Markets

📈 Тошкент фонд бозоридаги ҳаяжон... Сўнгги икки ҳафтада менга кўплаб одамлар ёзишни бошлади. Мазмуни деярли бир хил: "акциялар нархи учиб кетяпти", "портфелим яшил рангда", "энди нима қилишим керак?" Дарҳақиқат, июль ойининг охири ва август бошидан бери маҳаллий фонд бозоримизда ўзгача уйғониш кузатилмоқда. Акциялар олди-сотди транзакциялари кескин ортгандай, айрим активларнинг графиги эса фақат тепага қараб ҳаракатланяпгандай. Масалан, кечагина "Ўзбекинвест" акциялари ўзининг тарихий максимумини янгилади. "Ўзбектелеком" эса икки ҳафтадан буён тинимсиз ўсишда давом этмоқда. Мен ҳам инвесторман. Шунинг учун бу ҳисни яхши тушунаман. Энг қизиғи акция тушаётганда одам қўрқади, тез ўсаётгада эса ундан ҳам хавфлироқ ҳис пайдо бўлади. Мурожаат қилганларнинг кўпчилиги битта нарсани сўрайди: "яна пул киритиб, кўпроқ акция олсамми?" 🔍 Кошки бу қийин саволларга энг тўғри жавобни билсам?!😅 💡Барчаси фақат ва фақат ўзингизнинг инвесторлик портретингизга, танлаган стратегиянгизга ва мақсадларингизга боғлиқ (эслатиб ўтаман, бу пост молиявий маслаҳат эмас, балки менинг шахсий кузатувларимдир). 🚀 Лекин шахсан мени бошқа савол кўпроқ қизиқтиради: Охирги икки ҳафтада компанияларнинг фундаментал ҳолати ҳам акциялари нархидек тез яхшиландими? Компания икки ҳафта ичида икки баробар кучлироқ бизнесга айландими? Даромади икки баробар ошдими? Фойдаси, активлари ёки келажакдаги пул оқими шунчалик ўзгардими? Бизни фонд бозорига катта институционал инвесторлар кирдими? Одатда агар акция нархи компаниянинг ўзига нисбатан анча тез югураётган бўлса, мен бундай пайтда бироз эҳтиёткор бўлишни маъқул кўраман. Ҳиссиётлар пасайгач, ҳар қандай актив эртами-кечми ўзининг ҳақиқий, фундаментал қийматида жойлашади. 📌 Шу сабабли шахсан ўзим бозорнинг ҳозирги юқори нуқталаридан фойдаланиб, қайсидир позицияларимни аста-секин сотишни ва фойдани қайд этишни бошладим... ❓Сизда-чи? Портфелингизда ҳолат қандай, фойдани нақд қиляпсизми ёки ҳали ҳам ўсишни кутяпсизми? Расм-графикда UCI индекси кўрсатилган. @baxrom_ceo

💰 Two businesses can have the same $5M EBITDA and still be worth completely different amounts. First of all, what is EBITDA? EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. It simply measures the profit a business generates from its core business operations before financing, taxes, and non-cash accounting expenses. It’s important because buyers and investors often use EBITDA as a main thing to compare businesses and calculate valuation multiples 📈 However, buyers are not just interested in how much is the EBITDA. Their quality also matters. Two companies can both generate $5M, but one can be significantly more valuable because its earnings are more predictable, sustainable, and transferable. Here we will talk about five different types of them: 1. Recurring EBITDA 🔄 This comes from revenue that repeats regularly, such as subscriptions, memberships, maintenance contracts, or customers who consistently repurchase. The main advantage of this is predictability. The company doesn’t have to start from zero every month or year to generate revenue. Because buyers can forecast future cash flows with greater confidence, recurring EBITDA generally receives higher valuation multiples. 2. Contracted EBITDA 🤩 Contracted EBITDA comes from revenue that is already secured through legally binding agreements. For example, a company may have customers committed to paying for the next two or three years. This gives a buyer more certainty than simply having a history of repeated purchases, because the revenue is supported by an existing contract. The longer the contract, the stronger the customer commitment. And the lower the likelihood of switching, the more valuable this EBITDA can be. 3. Project EBITDA 🏗 Project-based businesses can generate excellent EBITDA, but their revenue depends on continuously winning competitions on new projects. A construction company, consulting firm, or engineering business can make $5M this year, but those projects will end some day and have to be replaced. So when a buyer looks at the $5M EBITDA, they are not only asking how profitable the past projects were. They are asking how strong the future is and how likely the company is to win at new work. That uncertainty usually leads to a lower multiple. 4. Concentrated EBITDA 🎯 Concentrated EBITDA happens when a large portion of the company's earnings comes from a small number of customers. Imagine a business generating $5M in EBITDA, but 40% of that profit comes from one customer. On paper, the EBITDA is still $5M. But from a buyer's perspective, there is significant risk. If that customer leaves, a large portion of the company's earnings could disappear. Buyers therefore apply a discount to reflect this customer concentration risk. 5. Founder-dependent EBITDA 🌟 This is when the business's profitability depends heavily on the founder. Maybe the founder personally manages the biggest customer relationships, generates most of the sales, negotiates deals, or is the reason employees and customers inflow. In that case, the buyer isn't really buying a business. They are buying a business that still relies on one person. Since the founder may leave after the acquisition, the buyer may discount the valuation unless those relationships, processes, and responsibilities can be transferred to the team. Same $5M EBITDA. Five very different risks. And that's why two businesses with identical EBITDA can raise different amounts of investments. The main number matters. But the composition of that number also matters a lot. @nurbekcapital

💥 Uzbekistan’s Paytech Market Is Entering a New Phase 💳 Uzbekistan’s 10 largest payment companies generated UZS 2.4 trillion in revenue in the first half of 2026, accounting for 93% of the entire market. Revenue grew 41% YoY, while their combined profit amounted around UZS 1 trillion. 💳 Although there are 51 licensed payment organizations on paper, only around 25 appear to be active, with roughly half of them still operating at a loss. The market is highly concentrated, profitable for the big ones, but still growing rapidly. The established consumer segment includes Paynet, Payme, Click, Beepul, and Alif. 🔹💸 Paynet became Uzbekistan’s on of the five largest taxpayers. 🔹💸 Payme overtook Click and continues to grow even further. 🔹💳 Beepul grew from less than UZS 10 billion in revenue to almost UZS 100 billion. 🔹📱 Alif could soon add a banking license, potentially contributing to the development of Islamic finance in Uzbekistan even more. The second tiers are Rahmat, Open, ATTO, CDTI and Plum, and they are growing by focusing on specific areas such as merchant hardware, multibanking, instalments, transport payments, smart cash registers and personal finance. ⚡️Uzbekistan’s paytech market may be becoming more concentrated, but it is far from mature. The next wave of growth could be created by companies that are solving specific problems rather than trying to become the next Payme or Click. @nurbekcapital

🐴 What Actually Happens at Wall Street? Almost every finance student has heard about Wall Street at least once in their life. You hear the name in news, lectures, case studies, movies and etc. But what actually is Wall Street?😖 Why does it matter so much in financial sphere? And what really happens there? 🏛 History It may sound a bit strange, but the name actually comes from an actual wall. In the late 1600s, Dutch settlers in New Amsterdam built a wooden barricade along the northern edge of the colony to protect themselves from British forces and other threats. The wall eventually collapsed, but the street that replaced it kept the name. The real story of Wall Street's financial dominance begins more than a century later. In 1792, speculator William Duer borrowed heavily to buy government securities. The plan didn't work out and it caused the panic of 1792 and damaged public confidence in the financial system. At the same time, trading was messy and largely unregulated, with brokers competing on the streets and in coffee houses. So, on May 17, 1792, 24 brokers gathered under a buttonwood tree near 68 Wall Street and signed what became known as the Buttonwood Agreement. They agreed to trade with each other and charge fixed commissions. That agreement actually became the main reason of creatin of what we call New York Stock Exchange today. 💵 Why does Wall Street matter so much? Wall Street stopped being just a typical street. It is a heart of the American financial system and that system has a huge influence on the rest of the world. 🪱 The US dollar became the world's dominant reserve currency after World War II, strengthened by the Bretton Woods system. Although the agreement ended in the 1970s, the dollar remained as a main currency of exchange, trade, reserve and payment. Since then, decisions made by the Federal Reserve, American banks, and major investment firms can affect currencies, interest rates, trade, and borrowing costs all around the world. Asset managers, pension funds, banks, and other financial institutions control trillions of dollars and when they take money out of emerging markets, currencies can weaken and borrowing costs can rise. That's why we can confidently say that Wall Street isn't just American, but global financial center. 🤑The language of Wall Street People who work on Wall Street only talks about strategies, growth, money, and they have developed their own vocabulary over the years. Some of these terms are useful. Others probably exist partly to make finance sound more complicated than it needs to be. A tombstone is an advertisement announcing the completion of a major deal. A bear hug is an aggressive takeover offer made at a price so attractive that the target company's board may struggle to reject it. A Chinese wall refers to internal barriers designed to prevent confidential information from moving between departments that shouldn't share it. Blue chip describes large, established, financially strong companies. The term comes from poker (karta), where blue chips traditionally had the highest value. The dead cat bounce means a short-term recovery in a stock that is still fundamentally declining. The idea being that "even a dead cat will bounce if it falls from high enough." You probably won't hear most of these terms at university or in finance textbooks. You learn them by deeply rooting in the industry or by joining my channel. 🙄 Who is actually on Wall Street? When you hear the name Wall Street, you probably think of skyscrapers where you see names like Goldman Sachs, Morgan Stanley, and other major banks on the top. But the reality is, they are not located there anymore. Yes, they are still major parts of the Wall Street, but their headquarters moved from there long ago. The New York Stock Exchange is still at 11 Wall Street, but Goldman Sachs is headquartered at 200 West Street, JPMorgan is at 270 Park Avenue, and Morgan Stanley is in Times Square. Geographically, many of these firms have moved elsewhere in Manhattan. But "Wall Street" stayed as the name for the industry. It's like a Hollywood. When we see an amazing american movie, we say, wow it is filmed in Hollywood, but many major productions now happen far beyond Hollywood itself. 💼 How do people actually get in? Maybe the most important part for most of us. Getting into a major Wall Street firm isn't only about working hard. It's also about understanding how recruiting works. Large banks recruit heavily from a relatively small group of universities known as target schools. Recruiters visit their campuses, host events, internship & job fairs, and hire directly through their career centers. Schools such as Wharton, Harvard, Princeton, Columbia, Yale, and NYU Stern are among the most heavily recruited. Other universities, including Duke, Georgetown, Chicago, Northwestern, Cornell, Michigan, and Berkeley, also included in the list. If you have not studied in IVY league 😳, Russel Group 3️⃣ or some other top universities 💜, you still can, but it is really hard to get an offer from those companies. You may have to build your network yourself, reach out to alumni, compete in case competitions, gain relevant experience, and find other ways to get noticed. Plenty of people from non-target schools still make it to Wall Street. The difference is that they usually have to create their own opportunities instead of waiting for recruiters to come to them. 💸 Wall Street has never really been about a street. It's a symbol of the financial world where money, growth, and centuries of history come together. Knowing its history, language, and how the industry works won't guarantee you a job there. But it will help you understand the world you're trying to enter and make sure you don't walk in completely unprepared. @nurbekcapital

💼 JOB OPPORTUNITY | IFRS SPECIALIST Uzbektelecom JSC, Uzbekistan’s largest telecommunications operator, is looking for an IFRS Specialist to join its finance team. 🔹What You’ll Do: 🔵Prepare financial statements and working papers in accordance with IFRS 🔵Analyze accounting reports and identify discrepancies 🔵Assess financial performance and provide recommendations 🔵Prepare reports and respond to external auditors 🔵Monitor IFRS updates and ensure compliance with new requirements 🔹Must Have: 🔵Strong knowledge of IFRS/IAS and National Accounting Standards 🔵Understanding of financial statement transformation from NAS to IFRS 🔵Knowledge of financial instruments and fair value measurement 🔵Strong financial statement analysis and MS Excel skills 🔵Fluency in Uzbek, English, and Russian 🔵Higher education in Accounting, Finance, or Economics 📔Certifications: 🔵ACCA F7, F2, F3 — mandatory 🔵DipIFR — accepted if ACCA F7 is not available 🔵Big Four or international audit/consulting experience is a plus 🎁 What They Offer: 🔵5-day work week 🔵Flexible working schedule 🔵Medical insurance 🔵Free mobile communications 🔵Friendly team 📱 Interested? Apply through the link below! https://www.linkedin.com/jobs/view/4444592011/ @nurbekcapital

💳 Paid Research & Business Development Internship Opportunity (Fully Remote) Usmani's Financial Consultancy Ltd. is currently looking for a motivated Research & Business Development Intern to join its growing team. This internship is a great opportunity for individuals who are interested in Islamic Finance, want to gain practical industry experience, and learn directly from experienced professionals. During the internship, the selected candidate will have the opportunity to: ✔️ Gain hands-on experience in Islamic Finance and Shariah Advisory ✔️ Work on international projects and engage with global clients ✔️ Develop research, analytical, and business development skills ✔️ Receive professional training and mentorship from industry experts ✔️ Work in a fully remote environment with a paid internship opportunity 📍 Location: Fully Remote 💼 Position: Paid Research & Business Development Intern Those who are looking to build their career in Islamic Finance and gain practical experience in an international consulting environment are encouraged to apply. 🐁 Interested candidates can send their CV to: careers@usmanisfinancialconsultancy.com @nurbekcapital

Dear members of this channel, Although Korzinka received the highest number of votes in our poll, unfortunately, the company refused to share its financial statements. As a result, we cannot conduct a proper financial analysis of the company using reliable and complete information. Therefore, I have decided to work with the second-place holder, SQB. SQB has been publicly sharing its financial statements since 2017. The bank is also going through an intensive privatization process. Historically, the bank was owned by the state through the Fund for Reconstruction and Development of the Republic of Uzbekistan (FRD), which held 42%, the National Investment Fund of the Republic of Uzbekistan (UzNIF), which held 40%, and the Ministry of Economy and Finance, which held 13%. I will be conducting a comprehensive financial analysis of SQB and sharing the results by August 10. The full report, along with all my calculations, analysis, and workings, will be shared here in the channel. Thank you for your understanding and patience. @nurbekcapital

So far we have 5 options. Which one you would like me to complete a full financial analysis on?

Which company would you like me to complete a full financial analysis on? It can be a local or global company, as long as it is publicly listed on Nasdaq, the S&P 500, the LSE, or at least the Tashkent Stock Exchange. My suggestions are SQB, Korzinka, or Artel. Do you have any other suggestions? Drop them in comments! @nurbekcapital

🖥 Where the data comes from? Financial analysis usually relies on the income statement, the balance sheet, the statement of cash flows, notes to the financial statements, management discussion, and market data such as stock price and trading volume for public companies. 🤩 Fundamental and technical analysis It is also useful to separate fundamental analysis from technical analysis. Fundamental analysis studies the business itself, including its financial statements, management quality, competitive position, and broader economic conditions, to estimate intrinsic value. Technical analysis focuses on price and volume patterns to predict future movement, often without looking deeply at fundamentals. ❎ Limitations Financial analysis is powerful, but it is not perfect. Historical data does not guarantee future performance. Accounting policies differ across companies and countries, which can make comparisons less clean. Ratios can also be dressed up before reporting periods. And numbers alone never tell the full story because qualitative factors matter too, such as management quality, brand strength, and regulatory risk. Financial analysis is not just about reading numbers or calculating ratios. It is about understanding the story behind those numbers, identifying risks and opportunities, and turning financial data into better decisions. Because in finance, the numbers may tell you what happened, but good analysis helps you understand why it happened and what might happen next. @nurbekcapital

🐴 What is financial analysis? 🔍What is meant by financial analysis, and why does it matter so much in business? In simple words, financial analysis is the process of looking at a company’s financial statements, performance data, and market position to understand how healthy the business really is, how profitable it is, and where it may be headed next. It is basically turning raw numbers into useful decisions. Those numbers actually talk. You just have to know how to listen. 🔎 Why financial analysis matters The main goal of financial analysis is to answer one simple question. Is the business financially sound, and where is it heading? Different groups use it for different reasons. 🗣 Investors use it to decide whether to buy, hold, or sell a stock or bond. 🏦 Banks and creditors use it to judge whether a company is creditworthy before lending. 👔 Management uses it to guide operational and strategic decisions. 🏦 Regulators use it to monitor compliance and systemic risk. 💼Employees (me and you, haha) and suppliers may also pay attention because financial strength affects job security and payment reliability. Main types of financial analysis 1. Ratio analysis Ratio analysis turns financial statements into comparable metrics. It is one of the most common tools in finance. Liquidity ratios (current ratio, quick ratio) show whether a company can cover short term obligations. Profitability ratios (net margin, ROE, ROA ) show how efficiently a company generates profit. Leverage ratios (debt to equity, interest coverage) show how much the company depends on debt and how risky that debt is. Efficiency ratios (inventory turnover, receivables turnover) show how well assets are being used. Valuation ratios (P/E, P/B, EV, EBITDA) show how the market prices the company relative to its fundamentals. 2.Horizontal analysis Horizontal analysis compares financial data across different periods, such as year over year or quarter over quarter. It helps reveal trends in revenue, costs, and profit growth. 3. Vertical analysis (Common size analysis) Vertical analysis expresses each line item in a financial statement as a percentage of a base figure. For example, every income statement item can be shown as a percentage of revenue. This makes it easier to compare companies of different sizes. That's why, it is also called common size analysis. 4. Trend analysis Trend analysis looks at data over a longer time horizon to identify patterns, seasonality, or deeper changes in performance. 5. Comparative analysis Comparative analysis, also known as benchmarking, compares a company’s numbers with competitors or industry averages to see where it stands. 6. Cash flow analysis Cash flow analysis focuses on how a company generates and uses cash through operating, investing, and financing activities. This matters because profit on paper does not always mean cash in the bank. A company can look profitable and still struggle to pay its bills. Finance loves this kind of drama. 7. DuPont analysis DuPont analysis breaks down return on equity into three parts, net margin, asset turnover, and financial leverage. This helps show what is actually driving shareholder returns. @nurbekcapital

Amazing news!!

1️⃣2️⃣3️⃣4️⃣ ☑️Oʻzbekiston fuqarolari uchun xalqaro buxgalterlar sertifikati (ACCA) dasturi doirasida maxsus chegirma joriy etildi Iqtisodiyot va moliya vazirligi tomonidan xalqaro professional buxgalterlar sonini koʻpaytirish, xalqaro sertifikat boʻyicha talabgorlarga moliyaviy jihatdan yengillik yaratish maqsadida ACCA xalqaro tashkiloti bilan uzoq muddatli muzokaralar natijasida ACCA xalqaro malakasi tan olingan 180 dan ortiq davlatlar orasida fuqarolari uchun ACCA toʻlovlariga maxsus chegirma joriy etilgan kam sonli davlatlardan biriga aylandi. 🇺🇿 Batafsil _________ ☑️ Special Discount Introduced for Citizens of Uzbekistan under the ACCA International Accounting Qualification Program Following extensive negotiations between the Ministry of Economy and Finance and the Association of Chartered Certified Accountants (ACCA), aimed at increasing the number of internationally qualified professional accountants and easing the financial burden on candidates pursuing international certification, Uzbekistan has become one of the few countries among more than 180 jurisdictions where the ACCA qualification is recognized to secure special discounts on ACCA fees for its citizens. 🇬🇧 More #ACCA #Certificates Telegram | Facebook | Instagram | Youtube | Х

Step 9. Final pricing The night before the stock starts trading, the company and its bankers agree on the final offer price based on the full order book. Sometimes that price lands inside the range, sometimes it goes above it if demand is especially strong. Airbnb priced its IPO at 68 dollars per share, above even its raised range, selling about 51.3 million shares and raising roughly 3.5 billion dollars, implying a valuation near 47 billion dollars. Step 10. The stock starts trading On listing day, the shares begin trading on the exchange under their new ticker. The opening price is set by market makers based on real buy and sell orders, and it can be very different from the price the company actually sold shares at the night before. Airbnb started trading on Nasdaq under the ticker ABNB on December 10, 2020. The stock opened at 146 dollars, more than double its 68 dollar offering price, and closed its first day at 144.71, up about 113 percent. That put Airbnb's valuation above 100 billion dollars by the end of day one, more than five times its last private valuation from earlier that year. Hosts who took part in the Directed Share Program and bought their full allotment saw their investment jump by tens of thousands of dollars in a single afternoon, while some who ignored the email offering them the chance missed out entirely. Step 11. Life as a public company The work does not stop once the stock starts trading. Company insiders are usually locked out of selling their shares for around 180 days after the IPO, a rule known as the lockup period, meant to prevent a flood of selling right after the debut. From here on, the company also has to file quarterly and annual reports with the SEC, hold earnings calls, and manage a much bigger and more demanding set of shareholders than it had as a private company. Going public is not one event, it is a long sequence of decisions that starts years before anyone sees a ticker symbol. Airbnb's case shows how much can change between the first confidential filing and the moment the stock actually opens, and how much a company's story, not just its numbers, ends up shaping how the market receives it. If you ever get the chance to read a company's S 1 before it lists, it is worth doing, since it is one of the most honest documents a company will ever publish about itself. Reference 1. https://www.sec.gov/Archives/edgar/data/1559720/000119312520294801/d81668ds1.htm 2. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001559720&type=&dateb=&owner=include&count=40 3. https://news.crunchbase.com/venture/airbnb-finally-files-for-ipo-we-breakdown-its-s-1 4. https://www.pymnts.com/news/ipo/2020/five-takeaways-from-airbnbs-ipo-filing/ 5. https://news.crunchbase.com/public/airbnb-increases-ipo-price-range-ahead-of-public-debut/ 6. https://www.cnbc.com/2020/12/09/airbnb-sells-shares-at-68-in-ipo-pricing-above-range.html 7. https://finance.yahoo.com/news/airbnb-shares-open-for-trading-initial-public-offering-ipo-coronavirus-pandemic-183858304.html 8. https://www.cnbc.com/2020/12/10/airbnb-hosts-profit-from-ipo-pop-spreading-wealth-beyond-investors.html

Airbnb chose Morgan Stanley, Goldman Sachs and Allen and Company as its lead book running managers, with BofA Securities, Barclays and Citigroup as additional book running managers, and a further group including Credit Suisse, Deutsche Bank, Jefferies and Wells Fargo Securities also involved in the offering. Step 3. Filing a confidential draft Many companies, especially newer ones, first submit a draft registration statement to the SEC confidentially. This lets the company get feedback from regulators before anyone outside the deal knows the details, which matters if the IPO ends up getting delayed or cancelled. Airbnb confidentially submitted its draft Form S 1 to the SEC in August 2020. At that point the pandemic had gutted the travel industry, and it was genuinely unclear whether the company would go public that year at all. Step 4. SEC review Once the draft is in, the SEC reviews it and sends comment letters asking for clarifications or changes, usually around accounting treatment, risk disclosures or how the business is described. This back and forth can take anywhere from a few weeks to several months, and the company revises its filing in response. Step 5. The public S 1 filing When the company and the SEC are close to done, the company files a public version of the S 1. This is the real prospectus, and it is where outsiders get their first full look at the business. It includes audited financial statements, a detailed description of the business and its competitors, a long list of risk factors, how the company plans to use the money it raises, executive pay, and the ownership structure before and after the offering. Airbnb released its public S 1 on November 16, 2020. It showed 2019 revenue of about 4.8 billion dollars against a net loss of 674 million, and a much sharper loss through the first nine months of 2020 as travel demand collapsed and then partly recovered through a shift toward domestic, local trips. The filing also revealed something unusual for an IPO, a Directed Share Program that reserved a portion of the offering, up to about seven percent, for US based hosts on the platform who had been active in 2019 or 2020, with priority given based on how long they had been hosting. Step 6. Setting an initial price range Bankers and the company agree on an indicative price range based on comparable public companies, market appetite and early conversations with big institutional investors. This range is not final, it is a starting point for the roadshow. Airbnb's first range was 44 to 50 dollars per share, which would have valued the company at up to about 35 billion dollars, well below its last private valuation before the pandemic hit. Step 7. The roadshow This is where company executives spend one to two weeks presenting the business directly to institutional investors, walking through the numbers and answering questions, traditionally through in person meetings in financial centers around the world. Because of the pandemic, most 2020 roadshows, including Airbnb's, were done virtually over video calls instead. Brian Chesky and the rest of Airbnb's leadership team pitched the company's recovery story to investors, emphasizing how quickly domestic and local travel had bounced back after the initial pandemic shock, even while international and business travel stayed weak. Step 8. Building the order book While the roadshow is happening, the underwriters are quietly collecting orders from investors, a process called book building. If demand is strong, the bank and company can raise the price range before the deal even prices, which is a strong early signal for how the stock might trade. Just days before its debut, Airbnb raised its range to 56 to 60 dollars per share, up from the original 44 to 50, pointing to demand well above what the company had expected even a few weeks earlier.

What It Takes for an IPO, Through Airbnb's Story (Written by me, narrated by AI) On December 10, 2020, a company that started with a few air mattresses in a San Francisco apartment closed its first day on the stock market worth more than Marriott, Hilton and Hyatt combined. That company was Airbnb. Its path to the public markets is one of the most documented IPOs of the last decade, which makes it a great case study. In this post we will go through what it actually takes for a company to go public, step by step, using Airbnb's own filings and numbers as our guide. What is an IPO An initial public offering is the process a private company goes through to sell shares to the public for the first time. Before the IPO, ownership sits with founders, employees and a handful of venture capital and private equity investors. After the IPO, anyone with a brokerage account can buy a piece of the company on a stock exchange. The company also raises a large amount of cash in the process, usually to fund growth, pay down debt or simply build a cushion. Why companies choose to go public A few reasons come up again and again. 1. Raising capital without taking on debt is the most obvious one. Selling equity brings in cash the company does not have to repay. 2. Giving early investors and employees a way out matters just as much. Founders, venture funds and staff who have been paid partly in stock options need a market where they can actually convert that paper wealth into cash. Going public creates that market. 3. Credibility and visibility play a role too. Being listed on Nasdaq or the NYSE signals a certain level of scale and scrutiny that helps with hiring, partnerships and brand trust. 4. Public stock can also act as currency for future acquisitions, since a listed company can pay for smaller companies partly in shares instead of only cash. 4. None of this comes free. Once public, a company has to open its books every quarter, deal with analyst expectations, and answer to a much wider set of shareholders than before. Many founders describe the transition as trading privacy for access to capital. Why we are using Airbnb example? Airbnb is a rich example for a few reasons. It filed everything with the SEC in detail, so the paper trail is complete and public. It went public in the middle of the pandemic, when travel had collapsed and nobody was sure the deal would even happen, which makes the story more interesting than a routine listing. And Airbnb added a twist most IPOs do not have, a program that let its own hosts buy shares before the stock started trading. We will get to that. Now let's walk through the process. Step 1. Getting the company ready Long before any filing happens, a company has to build the internal structure that public markets expect. This means years of clean audited financial statements, a board with independent directors, an audit committee, and internal controls that can survive outside scrutiny. Airbnb had this problem for longer than most. The company was founded in 2008 and stayed private for twelve years, much longer than the typical Silicon Valley startup. By the time it filed to go public, it had already raised more than six billion dollars from investors including Sequoia Capital, Andreessen Horowitz and General Atlantic, and had built out the governance and reporting infrastructure that a company its size needs before facing public shareholders. Step 2. Choosing the banks A company preparing for an IPO usually runs something close to a pitch competition among investment banks, often called a bake off. Banks compete for the mandate by presenting their view on valuation, market conditions and how they would run the deal. The company then picks a small group to lead the offering, known as book running managers, alongside a longer list of banks in supporting roles.

Do you want to learn Islamic finance from the person who wrote the law of Islamic finance in Uzbekistan? IFCAB is opening applications for Batch 5 of the Islamic Finance Qualification (IFQ) Programme 🚀 The IFQ is awarded by The Chartered Institute for Securities & Investment (CISI), supported by ACCA, and recognised by Ofqual (UK) as the Level 3 Certificate in Islamic Finance. Lessons are delivered by Najib Al Aswad, alongside two expert-led guest sessions. Track record: ✅ 250+ participants, 50+ executives, 40+ countries ✅ 4 successful cohorts, 100+ hours of live training ✅ ⭐️⭐️⭐️⭐️⭐️ on Trustpilot Format: 📍 Live Online (MS Teams) + recordings 📅 8 weeks, Sundays, 10:30am–1pm (GMT+1) 🗓 19 July – 06 September 2026 Deadlines: 📌 Applications close: 15 July 2026 📌 Programme starts: 19 July 2026 👉 Apply: https://shorturl.at/VfSgx Full and partial grants are available for those who need financial support, based on commitment and potential impact. @nurbekcapital

Uzbekistan's banking sector remains concentrated. National Bank of Uzbekistan, Agrobank, and SQB together are holding around 39% of the country's total banking assets. As of 2026, NBU leads the market with 138.9 trillion soums in assets, followed by Agrobank (103.2 trillion soums) and SQB (100.7 trillion sums). While large state owned banks continue to dominate the industry, private banks such as Kapitalbank, Hamkorbank, and Ipoteka Bank have been steadily expanding their market presence. @nurbekcapital

Most people think banks make money only through taking your deposits at a lower interest rate and giving loans at a higher rate. That is true, but it is only part of the story. Here are the 5 most common ways commercial banks actually make money. 1. Interest on loans This is the biggest source of income for most banks. Banks collect deposits from customers and use that money to issue mortgages, business loans, car loans, and personal loans. The interest they earn on these loans is higher than the interest they pay on deposits, and the difference becomes their profit. 2. Fees and commissions Banks charge fees for many everyday services. Sending international transfers, maintaining premium accounts, issuing bank cards, processing loans, or helping businesses accept card payments all generate fee income. These may seem like small amounts, but with millions of customers they add up quickly. 3. Foreign exchange Every day people and businesses exchange currencies. When a company converts dollars into local currency or when you pay abroad with your card, the bank earns a small margin on the exchange rate. Since banks process thousands of these transactions daily, foreign exchange becomes an important source of revenue. 4. Investments Banks do not keep all deposited money sitting in a vault. A portion of their funds is invested in relatively safe assets such as government bonds and treasury securities. These investments generate additional income while helping banks manage their liquidity. 5. Trading and treasury operations Large banks have treasury teams that actively manage cash, interest rates, currencies, and financial securities. They buy and sell financial instruments, manage risks, and earn income from market movements and trading spreads. This business is especially important for larger commercial banks. And these are not the only ways banks earn money. They also generate income from wealth management, investment banking, insurance, trade finance, leasing, custody services, payment processing, digital banking products, and many other financial services. The modern bank is much more than a place that accepts deposits and gives loans. It is a financial intermediary offering dozens of services to individuals, businesses, and governments. What do you think, what other types of banks exist in finance besides commercial banks? @nurbekcapital

#Job_update Starting from Monday, I will be interning in Investor Relations department at Uzbek Industrial and Construction Bank (SQB), the third biggest commercial bank in Uzbekistan. I will be doing micro & macroeconomic analysis, prepare investor-ready materials, and be directly involved in privatisation and IPO processes. Looking forward to learn and grow! @nurbekcapital