Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan plans to launch initial public offerings (IPOs) of five major companies from the portfolio of the National Investment Fund in 2027–2028, including Uzbekistan Airways and Uzpromstroybank (SQB).
The other companies on the list are National Electric Networks of Uzbekistan, Uzbekhydroenergo and Uzbektelecom, according to the Ministry of Economy and Finance.
The companies represent the aviation, energy, hydropower, telecommunications and banking sectors. They are currently undergoing transformation and preparations for accessing international capital markets.
The National Investment Fund itself held an IPO on 18 May 2026. A 35.45% stake was listed on the London and Tashkent stock exchanges, raising US$692 million. More than US$660 million was transferred to the state budget.
Demand for the fund’s shares was four times higher than the offering. International investors submitted demand exceeding US$2.9 billion, while demand on the Tashkent Stock Exchange surpassed 260 billion soums.
On 14 October, the fund held an Investors Day event in Tashkent, attended by more than 250 foreign investors whose combined portfolio value exceeded US$2.5 trillion. According to the ministry, 40% of participants were existing shareholders in the fund and 60% were new investors.
Corporate Governance Day 2026 was held in Tashkent on 16 October. Participants identified six priority areas for improving corporate governance at companies in the fund’s portfolio.
These include high-quality financial reporting under International Financial Reporting Standards (IFRS), compliance with the corporate calendar and a review of key performance indicator systems. Other priorities include long-term financial models, strengthening key corporate functions and strategies to increase company value.
