The 100 Most Valuable Georgian Companies

There are roughly 90,000 registered companies in Georgia, with only 0.6% classified as large enterprises and 2.5% as medium-sized businesses. The rest are small companies. As of 2023, the combined value of the top hundred most valuable companies in Georgia exceeded 77.6 billion GEL.

Get to know the top hundred most valuable companies in the Georgian market.

Note

The ranking does not include companies in which the Government of Georgia or another state holds a controlling stake (for example, companies controlled by the State Oil Company of the Azerbaijan Republic (SOCAR) and “Telasi,” 75.11% of which is owned by Russia’s Inter RAO). Companies listed as operating on the Georgian market refer to legal entities that are founded/registered in Georgia and conduct the majority of their production activities within the country. Ownership details are based on publicly available information as of May 15, 2025.

1. Energo-Pro Georgia

The Energo-Pro Group has been operating in Georgia since 2006, providing electricity supply, distribution, and generation across Georgia’s controlled territories, excluding Tbilisi. The company holds a natural monopoly in this area. Energo-Pro Group is fully owned and controlled by Jaromir Tesari through DK Holding Investments s.r.o.

2. TBC Bank

TBC holds the license of the oldest commercial bank in Georgia and offers a wide range of products to customers. The company employs over 9,000 people, making it one of the largest employers in the labor market. 99.88% of TBC Bank is owned by TBC Bank Group PLC, registered in the United Kingdom. The bank’s beneficial owners include Mamuka Khazaradze (9.51%), Badri Japaridze (5.87%), and others.

3. Bank of Georgia

Since 1994, Bank of Georgia has been providing banking services to its clients. More than 1.9 million active customers are served by 8,500 employees across 189 branches nationwide. 99.96% of Bank of Georgia is owned by Lion Finance Group PLC, registered in the United Kingdom. The company’s CEO, Archil Gachechiladze, holds a 1.77% stake in Lion Finance Group PLC.

4. Georgia Capital

100% of Georgia Capital LLC is owned by a company of the same name registered in the United Kingdom. General Director Irakli Gilauri currently owns a 7.1% stake in the company’s capital (he presently owns 4.66% of the shares). Georgia Capital is one of the most diversified groups in the Georgian market, with a large portfolio linked to the financial and medical sectors.

5.  Silk Road Group Holding

Silk Road is one of the largest holdings in Georgia, active in transport, trade, real estate, telecommunications, energy, and financial sectors. The company’s 61.8% majority owner and controller is Giorgi Ramishvili, while the remaining 38.2% belongs to Yerkyn Tatishvili.

6. Entain Georgia (Cristalbet)

The company is 100% owned by Bwin Holdings, registered in Malta. Entain Georgia organizes gambling activities through Mars LLC. The company operates in the gaming business under the brand “Cristalbet,” one of the largest gambling networks.

7. Georgian Cement

Operating on the market under the brand “HeidelbergCement,” from 2024, Georgian Cement continues cement and concrete production under the new brand “Hanivel Cement.” By the end of 2023, 90% of the company was owned by Ekaterine Khvedelidze, and 10% by Svetlana Lamprianova-Bezhuzhishvili. The final structure of beneficiaries changed by the end of 2024, but details remain unknown.

8. EPAM Systems (Georgia)

Operating in Georgia since 2021, EPAM Systems (Georgia) provides IT services to related parties outside the country. EPAM Systems Inc., registered in the USA, owns 100% of the 9 companies. EPAM is one of the major employers in Georgia.

9. MagtiCom

MagtiCom, a mobile telecommunications operator, began commercial operations in September 1997. Today, the company serves over 3 million customers with a wide range of telecom services. The company is owned by International Telcell Cellular and Telcell Wireless, registered in the USA, and controlled by Director Giorgi Jokhtaberidze.

10. Tbilisi Energy

Tbilisi Energy holds a natural monopoly license for gas distribution in Tbilisi. As of 2023, Nasib Hasanov (50%), Khvicha Makatsaria (25%), and Mamuka Togonidze (25%) owned the company through Voltbase, registered in the Marshall Islands. However, according to the latest public registry documents, Voltbase is now 100% owned by Khvicha Makatsaria.

* The stake is held through JSC “Georgia Capital”
** Since 2024, the beneficiary structure has changed, but the details are not publicly available

Methodology

To assess company value, the EV/EBITDA approach was applied. Specifically, a company’s value was calculated by multiplying its operating profit (earnings before interest, taxes, depreciation, and amortization) by an industry-specific multiplier used in developed economies, and then subtracting the company’s net debt. The resulting figure is considered the company’s value.

In cases where a company operates at an operating loss (a negative indicator) but shows revenue dynamics that indicate potential profitability in the future, the EV/Sales method was used instead. In such cases, the product of the company’s revenue and the industry multiplier was calculated, from which the net debt was subtracted.

For financial institutions (commercial banks, microfinance organizations, credit unions, insurance companies, and others), the P/B Ratio method was applied. Specifically, the value was calculated using the product of the company’s equity and the financial sector’s average P/B multiplier across Europe as of the second quarter of 2023 (commercial banks: 0.8; insurance companies: 1.3; other financial services: 1.5).
For banks whose shares are publicly traded, empirical market valuation was used (e.g., TBC Bank and Bank of Georgia).

Company valuations and the ranking were based on 2023 financial reports, sourced from the reports portal of the Service for Accounting, Reporting and Auditing Supervision. Additional information was obtained from the Public Registry, company websites, and other public sources.

Forbes.ge

Forbes Georgia: სარედაქციო გუნდი