The government plans to list four major companies and one bank on the stock market through initial public offerings in 2027-2028, the Ministry of Economy and Finance said today.
The list includes Uzbekistan Airways, National Electric Grids of Uzbekistan, Uzbekhydroenergo, Uztelecom and Uzsanoatqurilishbank.
“Work is currently under way to transform them and prepare them for international capital markets,” the ministry said.
All five companies are in the portfolio of the National Investment Fund, which is managed by U.S. company Franklin Templeton. This year, 35.45% of the fund’s shares were placed through IPOs on the London and Tashkent stock exchanges, bringing $692 million into the state budget.
The ministry said more than 250 foreign investors attended the Investors Day event in Tashkent on Oct. 14. Their combined investment portfolios exceed $2.5 trillion.
On Oct. 16, Corporate Governance Day 2026 discussed six priorities. They were quality financial reporting under International Financial Reporting Standards, compliance with the corporate calendar, a review of the KPI system, long-term financial models, stronger key corporate functions and a strategy to improve company performance.
Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov told the president in a June 15 presentation that preparations to take the five companies public were meant to be completed in 2026. The meeting heard that 15-20% of Uzbekistan Airways shares were planned to be sold through an IPO by the end of 2026.
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