Many Georgian companies are ready to issue shares, but a shortage of institutional investors remains a key challenge, Tbilisi Stock Exchange CEO Giorgi Amzashvili told TV-program Business Course.
Amzashvili said the market remains dominated by bonds and lacks depth and liquidity. Some companies have accumulated strong credit histories but can no longer take on additional debt due to high leverage, making equity issuance a potential way to raise capital.
However, demand remains limited, as Georgia has yet to develop a strong base of institutional investment companies. Although the investment fund market has grown to around GEL 300 million, Amzashvili said it remains small compared with the banking sector.
The exchange’s management also supports introducing real estate investment trusts (REITs), which Amzashvili believes could bring new, liquid assets to the market.
