Tashkent, Uzbekistan (UzDaily.uz) —
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Tashkent, Uzbekistan (UzDaily.uz) — The initial public offering of state-owned airline Uzbekistan Airways has been postponed from 2026 to 2027, according to Dunyo news agency, citing Ukrainian information portal Fixygen.
The company had initially planned to offer 15–20% of its shares on the stock market in the second half of 2026.
Uzbekistan Airways is continuing preparations for its entry into the stock market alongside implementation of its transformation programme.
A recovery programme has been developed for the airline, comprising 115 initiatives.
The initiatives are aimed at improving operational efficiency, developing commercial activities and enhancing the quality of passenger services.
The programme also includes the introduction of international corporate governance standards and improvements in engagement with investors.
Implementation of the measures is expected to potentially increase the value of Uzbekistan Airways from US$1.6 billion to US$2.3 billion.
The company’s final market capitalisation, however, will depend on investor interest, its financial and operational performance, as well as the results of the ongoing transformation.
According to publicly available data, Uzbekistan Airways generated revenue of 18.3 trillion soums in 2025, equivalent to approximately US$1.5 billion. The figure increased by 4.3% compared with the previous year.
