Uzbekistan Airways, Uzavtosanoat, Uzbekneftgaz, 5 banks and 3 major metallurgical plants are scheduled to hold IPOs before 2024.

A list of state-owned enterprises has been approved, the shares of which will be put up for auction through the stock exchange in 2021-2023 (IPO).

According to the presidential decree on the development of the capital market, the list includes the following 15 companies:

1. JSC Metallurgical Plant of Uzbekistan;
2. JSC Uzbekneftgaz;
3. JSC National Bank;
4. JSC Xalq Bank;
5. JSCB Agrobank;
6. JSCB Microcreditbank;
7. JSCB Qishloq Qurilish Bank;
8. JSC Uzagrosugurta;
9. JSC Qurilishmashlizing;
10. JSC Uzbekinvest;
11. JSC Uzbekistan Airways;
12. JSC Uztransgaz;
13. JSC Olmaliq MMC;
14. JSC Navoi MMC;
15. JSC Uzavtosanoat.

The decree provides for the possibility of making changes to the list by the State Assets Management Agency in agreement with the commission.

It is not known how many shares of the listed companies will be put up for auction. It is only known that only one of the above five banks, Qishloqqurilishbank, is expected to be privatized. Also, UzAuto Motors JSC announced the sale of up to 10 percent of shares through an IPO.

At the beginning of 2019, it was reported that an IPO was held by Uzmetkombinat, OKMK and NKMK.

For the first time in Uzbekistan’s history, as an experiment, JSC Quartz in December 2017 held an IPO on the Tashkent stock exchange. After that, Jizzakh Plastics JSC also placed public shares on the stock exchange.

Quartz and Jizzakh Plastics are so far the first and last companies to hold an IPO in Uzbekistan.