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.
| # | Company Name | Industry | Value (million GEL) | Owner(s) |
|---|---|---|---|---|
| 1 | Energo-Pro Georgia | Electricity | 6,529.9 | Jaromír Tesaří (100%) |
| 2 | TBC Bank | Commercial Banking | 5,792.2 | Mamuka Khazaradze (9.52%); Badri Japaridze (5.88%) |
| 3 | Bank of Georgia | Commercial Banking | 5,470.2 | Irakli Gilauri (0.9%)* |
| 4 | Georgia Capital | Multisectoral | 5,466.5 | Irakli Gilauri (5.62%) |
| 5 | Silk Road Group Holding | Multisectoral | 2,312.1 | Giorgi Ramishvili (61.8%) |
| 6 | Entain Georgia (Cristalbet) | Gambling | 2,112.6 | — |
| 7 | Georgian Cement | Cement Production | 1,649.7 | Ekaterine Khvedelidze (90%); Svetlana Lamprianova Bezhuzhishvili (10%)** |
| 8 | EPAM Systems (Georgia) | IT Services | 1,529.8 | — |
| 9 | MagtiCom | Telecommunications | 1,370.6 | — |
| 10 | Tbilisi Energy | Gas Supply | 1,356.8 | Khvicha Makatsaria (25%); Mamuka Togonidze (25%) |
| 11 | RMJ | Mining Industry | 1,332.4 | Dimitri Troitski (100%) |
| 12 | Nikora | Food Retail Network | 1,294.8 | Vasil Sukhishvili (29%); Oleg Buganov (16%); David Dumbadze (10.75%); Vasil Taradini (10%); Taliko Tsirekidze (9%); Maka Salukvadze (6.25%) |
| 13 | Poti Sea Port | Transport | 1,257.5 | — |
| 14 | Alma | Advertising | 1,170.0 | Levan Pkhakadze (50%); Samson Pkhakadze (50%) |
| 15 | Lukoil-Georgia | Gas Station | 1,151.1 | — |
| 16 | Ori Nabiji | Food Retail Network | 978.9 | Gocha Tskitishvili (33.34%); Giorgi Chkheidze (33.33%); Kakha Bekauri (33.33%) |
| 17 | PSP Pharma | Pharmaceuticals | 947.3 | Kakha Okriashvili (95%); Tengiz Jamelashvili (5%) |
| 18 | AB Georgia (Acharabeti) | Gambling | 938.5 | — |
| 19 | Toyota Caucasus | Car Trading | 935.3 | — |
| 20 | T & K Restaurants (McDonald’s) | Fast Food | 933.8 | Temur Chkonia (90%); Tengiz Kapanadze (10%) |
| 21 | Aversi-Pharma | Pharmaceuticals | 915.9 | Paata Kurtanidze (67%); Nikoloz Kurtanidze (33%) |
| 22 | JetTicket | IT Services | 907.0 | David Slonimski (100%) |
| 23 | Gorgia (Construction Store) | Construction Store | 889.4 | Gia Gorgoshadze (100%) |
| 24 | Coca-Cola Bottlers Georgia | Alcoholic Beverages | 768.0 | Temur Chkonia (87.47%) |
| 25 | Betlive | Gambling | 736.5 | Suliko Varshemashvili (38%); Nana Janashia (19%); Suliko Tsulukidze (12%) |
| 26 | AJ Development Georgia | Real Estate Management | 718.9 | Mindia Sabanadze (100%) |
| 27 | Tegeta Motors | Auto Trade | 713.7 | Temur Kokhodze (92.2%) |
| 28 | UGT (U-J-T) | IT Services | 670.1 | Grigol Chirakadze (85%) |
| 29 | GT Group | Auto Trade | 652.7 | Giorgi Gvelesiani (33.34%); Giorgi Tavdishvili (33.33%); Temur Ustiashvili (33.33%) |
| 30 | Sharm Trading | Distribution | 640.6 | Dimitri Niznianidze (34%); Levan Kakabadze (30%); Giorgi Chivadze (16%) |
| 31 | Georgian Water & Power | Water Supply | 635.1 | Irakli Gilauri (0.93%) |
| 32 | Todua’s Clinic | Medical Institution | 600.0 | Giorgi Diasamidze (100%) |
| 33 | TBC Pay | Payment Services | 596.1 | Mamuka Khazaradze (9.52%); Badri Japaridze (5.88%) |
| 34 | Mixori | Multisectoral | 594.0 | Cezar Chocheli (50%); Isolda Charigogidze (50%) |
| 35 | Foodmart | Food Retail Network | 593.0 | Archil Gegenava (23.25%); Zurab Zakariadze (20.07%); David Kukhalashvili (18.25%) |
| 36 | Evolution Georgia | B2B Streaming | 570.0 | — |
| 37 | Elizi Group | Distribution | 558.5 | Zaur Elizbarashvili (20%); Gia Elizbarashvili (20%); Zurab Zurabishvili (20%); Tornike Elizbarashvili (20%) |
| 38 | Europabet | Gambling | 555.4 | — |
| 39 | Aversi Clinic | Medical Institution | 533.5 | Paata Kurtanidze (67%); Nikoloz Kurtanidze (33%) |
| 40 | Trade Stone Iberia | Construction | 489.3 | Maka Asatiani (90%) |
| 41 | Majerel Georgia | Information Services | 460.7 | — |
| 42 | Georgian Card | Payment Services | 442.2 | — |
| 43 | East Point | Shopping Center | 432.4 | Oleg Pavlov (100%) |
| 44 | Basis Bank | Commercial Bank | 416.6 | Mi Zaiki (56.27%); Mie Engua (41.75%) |
| 45 | Liberty Bank | Commercial Bank | 396.6 | Irakli Otar Rukhadze (31.38%); Igor Alekseev (31.38%); Benjamin Albert Marsoni (31.38%) |
| 46 | Hualing | Construction | 392.3 | — |
| 47 | Clean House | Retail | 375.8 | Ioseb Tatarashvili (96%) |
| 48 | Impexpharm | Pharmaceuticals | 373.6 | David Kokhreidze (100%) |
| 49 | A.C.R. Trade | Clothing Trade | 371.9 | Kakha Khazaradze (29.73%); Nani Andiashvili (25.27%) |
| 50 | LC Waikiki Georgia | Clothing Trade | 368.2 | — |
| 51 | Mercedes-Benz Georgia | Auto Trade | 366.2 | Luiza Tavartkiladze (46%); Maka Asatiani (27%); Salome Asatiani (27%) |
| 52 | Business Center Vazha | Real Estate | 363.8 | Lasha Papashvili (50%); Sulkhan Papashvili (50%) |
| 53 | Visol Petroleum Georgia | Gas Station | 363.3 | Levan Phakade (37.72%); Samson Phakade (30.98%); Giorgi Ramishvili (15.5%) |
| 54 | Kristal Building | Construction | 361.1 | Elbrus Nabiev (90%); Vano Lomidze (10%) |
| 55 | Anagi | Construction | 360.3 | Nana Aroshidze (100%) |
| 56 | Lilo Mall | Real Estate Management | 354.5 | Gia Andguladze (14.29%); Ilia Shonia (13.79%); Bacho Kapanadze (11.53%); Giorgi Gagua (11.29%) |
| 57 | Wim-Bill-Dan Georgia | Dairy Products | 354.4 | — |
| 58 | Europroduct | Food Retail Network | 347.0 | Nino Bregvadze (50%) |
| 59 | Carrefour | Food Retail Network | 343.8 | — |
| 60 | Bank Cartu | Commercial Bank | 333.4 | Uta Ivanishvili (35%) |
| 61 | Selfie Mobile | Telecommunications | 330.6 | Khvicha Makatsaria (100%) |
| 62 | Steel International Trading | Mining Industry | 329.6 | Giorgi Chelidze (100%) |
| 63 | Pace Georgia | Transport | 319.9 | Laura Larioni (38%); Irakli Kervalishvili (38%) |
| 64 | Alta | Electronics | 319.7 | Irakli Kakabadze (47.8%); Tea Kakabadze (28.61%) |
| 65 | Elite Electronics | Electronics | 313.4 | — |
| 66 | Mnkorpi | Mining Industry | 311.8 | Guram Talakvadze (100%) |
| 67 | Agrohub | Food Retail Network | 299.2 | Akaki Akhvlediani (100%) |
| 68 | DAR BUILDING | Construction Sector | 272.1 | Revazi Darcide (100%) |
| 69 | Askaneli Brothers | Alcoholic Beverages | 268.2 | Gocha Chkhaidze (100%) |
| 70 | Zoomeri Georgia | Electronics | 261.1 | Giorgi Mushkudiani (24%); Vazha Rekhviashvili (20%); Dimitri Kikacheishvili (20%) |
| 71 | GRS | Construction Materials | 252.8 | Giorgi Aghdomelashvili (40%); Merabi Nikabadze (30%) |
| 72 | Toyota Center Tbilisi | Auto Trade | 251.4 | Davit Takidze (33.3%); Irakli Gurchiani (29.2%) |
| 73 | Globalpharm | Pharmaceuticals | 244.6 | Anton Obolashvili (100%) |
| 74 | Chachava Clinic | Medical Institution | 244.6 | Elguja Gociridze (76.19%); Nikoloz Kintraia (14.04%) |
| 75 | Rico Express | Microfinance | 243.0 | Dali Urushadze (100%) |
| 76 | ProCredit Bank | Commercial Bank | 240.6 | — |
| 77 | Georgian Distribution-Marketing Company | Distribution | 233.4 | Davit Alavidze (3%) |
| 78 | Georgian International Energy Corporation | Energy | 230.5 | Davit Bezhuashvili (100%) |
| 79 | Helsicor | Medical Institution | 228.0 | Tamar Emukhvari (36%); Ron Karmeli (32.4%) |
| 80 | TradeLine | Clothing Retail | 227.3 | Alexander Samkharadze (88%) |
| 81 | K. Eristavi National Center of Experimental and Clinical Surgery | Medical Institution | 208.6 | Paata Kurtanidze (67%); Nikoloz Kurtanidze (33%) |
| 82 | Adjara Textile | Clothing Manufacturing | 204.0 | Jemal Bilgingullluoglu (50%); Kemal Bilgingullluoglu (50%) |
| 83 | Modusi | Construction Materials | 198.1 | Amiran Darchidze (100%) |
| 84 | Iberia Refreshments | Non-Alcoholic Beverages | 197.9 | — |
| 85 | Gea | Pharmaceuticals | 192.5 | Irina Chelidze (33.5%); Khatuna Manjgaladze (33.5%); Ana Gvelesiani (25%) |
| 86 | Academician O. Gudushauri National Medical Center | Medical Institution | 192.3 | Gigi Gociridze (70%); Elguja Keburia (30%) |
| 87 | BK Construction | Construction Sector | 190.4 | Irakli Burdiladze (50%); Shota Berekashvili (50%) |
| 88 | Askaneli Winery & Distillery | Alcoholic Beverages | 189.8 | Gocha Chkhaidze (100%) |
| 89 | GDI | Distribution | 186.8 | — |
| 90 | High-Tech Hospital MedCenter | Medical Institution | 185.6 | Mukhamed Artmeladze (100%) |
| 91 | Omega | Electronics | 185.5 | Grigori Gudavadze (50%); Tamara Gabrielashvili (40%) |
| 92 | New Road | Construction Sector | 185.5 | Davit Zhghenti (50%); Givi Chochia (50%) |
| 93 | GM Pharmaceuticals | Pharmaceuticals | 178.3 | Kakha Okriashvili (100%) |
| 94 | Domino | Construction Materials | 171.8 | Oleg Pavlov (100%) |
| 95 | Nova | Construction Materials | 166.4 | Zviad Abuladze (20%); Jemal Bolkvadze (20%); Emzar Iremadze (20%); Jemal Antadze (20%); Ramaz Iremadze (20%) |
| 96 | Bakuri | Real Estate Management | 164.1 | Tengiz Bakuridze (60%); Nona Bakuridze (40%) |
| 97 | Laktali Georgia | Distribution | 163.5 | — |
| 98 | Feri | Construction Sector | 162.3 | Ioseb Mchedlishvili (96%) |
| 99 | Megaco | Distribution | 159.5 | Kakha Gogava (23.33%); Sofio Khazaradze (15%); Irine Khazaradze (15%) |
| 100 | Hyundai Auto Georgia | Auto Trade | 154.9 | Davit Giorgobiani (100%) |
* 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.
