Centrum Holding, Uzbekistan’s largest private logistics group, is preparing for an initial public offering (IPO) in London as early as next year, Bloomberg reports, citing the company’s founder and CEO, Abdulaziz Abdurakhmanov.
"We aim to be IPO-ready within the next one to two years," Abdurakhmanov said during an interview with the agency in Tashkent. He emphasized that the company views the listing primarily as an opportunity to attract partners capable of helping scale the business.
Centrum, which launched operations in 2019 as an air cargo carrier, plans to expand its overland logistics network to capitalize on growing transit traffic through Uzbekistan. Abdurakhmanov describes this strategy as "building a modern Silk Road"—a nod to the country's historical role as a crossroads for trade routes connecting Asia and Europe.
"There was a time when foreign investors would ask if Uzbekistan was the same place as Pakistan," Abdurakhmanov remarked. "Now, it is a great time for Uzbek companies to do business."
The 37-year-old entrepreneur founded Centrum after a six-year tenure at Uzbekistan Airways, where he most recently served as commercial director. He recalled that the company started out in a tiny, 29-square-meter office in central Tashkent, which he furnished with a couch brought from his own home.
For its first two years, Centrum focused on air freight forwarding by consolidating cargo from multiple clients and chartering aircraft for transport. Surging demand during the pandemic enabled the company to purchase its first aircraft, a Boeing 747-200F, in 2022. Approximately a year later, the aging freighter was sold as the company transitioned to leasing newer aircraft.
Centrum now operates cargo and passenger airlines, a travel agency, logistics centers, ports, and railway wagons. According to Bloomberg, the group generated $1 billion in revenue in 2025 and employs 5,000 people.
The company currently controls more than 40% of Uzbekistan's air freight market and up to 30% of its passenger aviation sector. Abdurakhmanov stated that he intends to expand this market share to 50% within the coming year.
Centrum also plans to build out its network of multimodal cargo terminals along the Middle Corridor, which connects China to Europe via Central Asia and the Caucasus. The company aims to expand its fleet of railway wagons and trucks, as well as develop cargo ferry services across the Caspian Sea.
The group's investments for 2026–2027 are expected to exceed $100 million. Centrum plans to secure more than half of this funding from financial institutions and industry partners.
The group operates Uzbekistan's largest inland logistics hub, or dry port, located roughly 100 km from Tashkent, and is constructing an even larger facility adjacent to the capital's future airport. Already the country's largest operator of container flatcars, the company plans to expand its tank car fleet to 3,000 units to secure a dominant position in that segment as well.
Additionally, Centrum is developing sea-air multimodal transport solutions to cut transit times while keeping costs in check. According to Abdurakhmanov, this format is highly sought after by manufacturers operating on tight production schedules.
The company is also expanding passenger aviation across Central Asia, a region where limited connectivity and vast distances heavily force travelers to rely on cars and trains. The carrier has already launched flights to Oral, Osh, and Kostanay, is building daily connections to regional capitals, and is adding long-haul routes to Delhi, Lahore, Jeddah, and various European cities.
According to Bloomberg, the group employs 500 pilots. The company recently trained its first female pilot, with a second expected to complete her training soon.
Gazeta previously reported that Centrum Holding plans to enter the public markets by the end of 2026. Company officials noted that a primary objective of the share offering is to secure investment for sustainable growth, driven by fleet expansion, the launch of new routes, technical upgrades, and infrastructure development.
Centrum Air’s fleet currently consists of 16 Airbus airliners. At the end of 2025, the company took delivery of one narrow-body A320 and one wide-body A330, followed by an additional aircraft in February.
"Looking ahead to 2026–2027, we plan to expand our fleet to 25 or more aircraft. And that is just for passenger lines. Alongside this, we are actively working to grow our cargo fleet and overland transport fleet," the company stated.
The US-based Oppenheimer and Citibank will serve as underwriters for Centrum Holding’s initial public offering. The company aims to raise $600 million at a total valuation of $2 billion, which would rank it among the most valuable holdings in Central Asia.
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