Centrum Holding Prepares for London Stock Exchange IPO

Tashkent, Uzbekistan (UzDaily.uz) — Centrum Holding, the largest private transport and logistics group in Uzbekistan, intends to prepare for an initial public offering (IPO) on the London Stock Exchange (LSE) within the next one to two years. The plans were disclosed by the company's founder and CEO, Abdulaziz Abdurakhmanov, in an interview with Bloomberg.

According to Abdurakhmanov, the holding views the IPO primarily as a strategic mechanism to attract international investors and secure capital required to further scale its operations.

Centrum Holding was originally established in 2019 as an air cargo operator. Today, the diversified conglomerate spans cargo and passenger aviation (operating via brands like My Freighter and Centrum Air), logistics centers, inland terminals, a proprietary railway fleet, tourism businesses, and port assets. The company plans to aggressively expand its ground logistics network along critical trade routes linking Europe and Asia, focusing particularly on developing infrastructure along the Middle Corridor.

By the end of 2025, the group's annual revenue reached US$1 billion, and its total workforce grew to approximately 5,000 employees. Financial advisors from U.S. investment bank Oppenheimer and Citibank are working with the group, targeting a company valuation of US$2 billion ahead of the planned public listing, with aims to raise around US$600 million by floating a 30% stake.

Abdurakhmanov noted that Centrum Holding currently controls more than 40% of Uzbekistan's air cargo market and up to 30% of the domestic passenger aviation segment. Over the coming year, the group expects to boost its share in the passenger market to 50%.

As part of its broader growth strategy, Centrum Holding intends to expand its network of multimodal cargo terminals, scale up its fleet of railway cars and trucks, and develop maritime ferry operations across the Caspian Sea.

The company estimates its capital expenditure for the 2026–2027 period at over US$100 million. More than half of this funding is expected to be secured from international financial institutions and strategic industry partners.

Centrum Holding already operates Uzbekistan's largest inland logistics terminal, located roughly 100 kilometers from Tashkent, and is constructing a brand-new logistics complex adjacent to the capital's upcoming international airport. Additionally, the group plans to increase its specialized fleet of railway tank cars to 3,000 units.

Beyond its core cargo and industrial logistics divisions, the group is rapidly broadening its passenger flight network. Centrum Air already operates scheduled routes to regional destinations like Uralsk, Osh, and Kostanay, while building out a network of daily flights connecting provincial Uzbek centers. Internationally, the airline is increasing frequencies to Delhi, Lahore, and Jeddah, while preparing to launch new routes to European destinations.

In his interview with Bloomberg, Abdurakhmanov emphasized that the company’s rapid ascent is taking place against the backdrop of sweeping economic reforms and market liberalization in Uzbekistan. These regulatory changes, he noted, have significantly enhanced the capability of domestic private enterprises to tap into international capital markets. He also recalled that in May, Uzbekistan marked a historic milestone by listing assets on the London Stock Exchange through its National Investment Fund (UzNIF), a move expected to pave the way for other major Uzbek corporations to access global investment capital.