Ministry of Economy and Finance names five companies for IPO in 2027–2028

In addition to Uzbekistan Airways, the list includes JSC National Electric Grids of Uzbekistan, Uzbekhydroenergo, Uzbektelecom, and Uzpromstroybank (SQB). According to the ministry, these companies are currently undergoing transformation and preparing to enter international capital markets.

Earlier timelines were mentioned in June. As Kun.uz notes, on June 15, Jamshid Kuchkarov, who serves as Deputy Prime Minister and Minister of Economy and Finance, stated during a presentation to the president that preparations for the IPO of these five companies were expected to be completed in 2026. At that time, it was also mentioned that 15–20% of Uzbekistan Airways shares were planned to be sold via an IPO by the end of 2026.

The fund itself, managed by US-based Franklin Templeton, conducted an IPO on May 18, 2026: 35.45% of its shares were placed on the London and Tashkent stock exchanges for $692 million. Demand proved to be four times higher than supply: more than $2.9 billion on the international market, and over 260 billion soums on the Tashkent exchange. The state budget received over $660 million (according to Kun.uz, $692 million).

On October 14, Investors Day was held in Tashkent, attended by more than 250 foreign investors with portfolios totaling over $2.5 trillion in value. According to the ministry, 40% of the participants were already shareholders of the fund, while 60% were new investors. On October 16, at Corporate Governance Day 2026, six priority areas of corporate governance were discussed, including IFRS reporting, compliance with the corporate calendar, and revising the KPI system.