Uzbekistan is preparing a large-scale privatization through public offerings: five major state-owned companies are planned to be listed on the exchange. This will give investors access to stakes in the country's infrastructure assets, while bringing new money to the budget.
This concerns four large companies and one bank from the portfolio of the National Investment Fund of Uzbekistan (UzNIF), which may conduct IPOs in 2027–2028. The list includes the airline Uzbekistan Airways, JSC "National Electric Networks of Uzbekistan," "Uzbekhydroenergo," "Uzbektelecom," and Uzpromstroybank (SQB).
The issuers represent aviation, energy, hydropower, telecommunications, and the banking sector. They are currently undergoing transformation and preparing to enter international capital markets.
The fund's successful track record as a benchmark
The fund itself conducted an IPO on May 18, 2026, and placed 35.45% of its shares on the London and Tashkent stock exchanges for $692 million, of which more than $660 million went to the state budget. Demand was four times the supply: applications from international investors totaled over $2.9 billion, while on the local platform they exceeded 260 billion soums. New issuers will be able to use this result as a benchmark, as foreign interest in Uzbek securities has already been confirmed.
A course toward the capital market
Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov previously discussed with Franklin Templeton the preparation of companies from the UzNIF portfolio for IPOs and the attraction of institutional investors. At that time, the names of the issuers and the timing were not disclosed, but now it has become clear which assets the authorities intend to bring to foreign funds.
Private business is also seeking money abroad: the technology company Uzum is preparing its first Eurobonds for late 2026 or early 2027 and maintains its IPO plans. Uzum founder Nikolay Seleznev already in October 2025 allowed for a share placement in 2027, so the private company and state issuers may end up on the market at the same time and compete for the same investors.
Buyers will have to assess whether the issuers will manage to restructure their management and reporting by 2027–2028. If the securities are valued too highly, demand may fail to meet expectations, and the first owners risk losing money on falling quotations. Without concessions to investors, the securities risk being left without demand, and the success of the fund's placement may not be repeated.
Cryptalist analysis: Uzbekistan is consistently building a full-fledged channel of access to international capital, and the upcoming wave of IPOs will be a test of the maturity of the country's institutional infrastructure. The key factor for success will be not only the quality of the assets but also the transparency of corporate governance and the adequacy of valuation — the market has already shown a high appetite for Uzbek securities, but competition for investors with the private sector and overheated valuations remain the main risks for the first buyers.