Uzbekistan plans to launch international Initial Public Offerings (IPOs) for Uzbekistan Airways and Uzbektelecom in 2027. Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov announced this on June 29 during a regional cooperation seminar focused on enhancing connectivity, attracting private investment, and developing open trade.
During the session's closing remarks, the Deputy Prime Minister noted that discussions on connectivity and private investment had overlooked the critical transformation of state-owned enterprises (SOEs) operating within those sectors.
"We have been talking about connectivity and private sector investment, but we forgot to mention the transformation of the state-owned enterprises operating in these sectors," he said.
According to Jamshid Kuchkarov, advancing transport, digital, and aviation connectivity is impossible without reforming the companies that directly drive these industries.
"For example, if we talk about railways, we need to reform the railway companies, transform them, and we are doing exactly that. If we talk about digital connectivity, we need a strong telecommunications company, and we must transform it. The same applies to aviation: we need to reform our airlines, and so on," the Deputy Prime Minister stated.
He announced that the authorities intend to carry out a deep transformation of companies involved in infrastructure connectivity that operate within regulated sectors.
Kuchkarov specifically highlighted the upcoming IPO schedules for Uzbekistan Airways and Uzbektelecom.
"For instance, we plan to launch the Uzbekistan Airways IPO next year. We are also aiming for the Uzbektelecom IPO next year. By 2028 or potentially 2029, we intend to list all companies related to regional and digital connectivity," he stated.
In mid-June, it was reported that Uzbekistan planned a partial IPO for Uzbekistan Airways by the end of 2026, with the government aiming to float a 15–20% stake on international capital markets.
Representatives from Franklin Templeton, which manages the National Investment Fund of Uzbekistan (UzNIF—a portfolio holding shares of Uzbekistan Airways and 12 other state-owned enterprises), have completed a comprehensive operational diagnostic of the airline. They designed a transformation program consisting of 115 specific initiatives. Projections indicate that full implementation of this program could boost the airline's annual operating profit by $120 million.
As a result of these strategic measures, the market value of the national carrier is expected to climb from $1.6 billion to $2.3 billion.
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