Uzbekistan Plans to Postpone IPOs of Uzbekistan Airways and Uzbektelecom to 2027

Tashkent, Uzbekistan (UzDaily.uz) — The Government of Uzbekistan intends to conduct the initial public offering (IPO) of the national airline Uzbekistan Airways and the national telecommunications operator Uzbektelecom on international financial markets in 2027.

The announcement was made by Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov during his speech at an international seminar focused on regional cooperation, attracting private investment, and developing open trade. During the discussion, the Vice-Prime Minister drew particular attention to the necessity of accelerating the deep transformation processes of major state-owned enterprises operating in regulated sectors. According to the ministry head, the progressive development of regional transport, aviation, and digital connectivity is impossible without large-scale reform and modernization of the core companies that directly support these fields.

Jamshid Kuchkarov explained that following the reform of the railway sector, authorities are launching systematic transformations in the telecommunications and aviation industries. The privatization schedule schedules the entry of Uzbekistan Airways and Uzbektelecom onto foreign stock exchanges in 2027, and in 2028–2029, this process may expand to cover remaining state structures involved in infrastructure connectivity.

The announced timeline indicates an adjustment of previous plans, as it was reported in mid-June of this year that a partial placement of 15% to 20% of Uzbekistan Airways shares on international capital markets was possible before the end of 2026.

Currently, the operational diagnostics of the national air carrier are being carried out by experts from the international firm Franklin Templeton. The asset manager oversees the National Investment Fund of Uzbekistan (UzNIF), which accumulates state shares in the airline along with 12 other strategic state-owned enterprises. The renowned investment manager has already developed a comprehensive transformation program for Uzbekistan Airways consisting of 115 targeted measures. According to expert calculations, the full implementation of these steps will allow the airline to increase its annual operating profit by $120 million and its aggregate market value from the current $1.6 billion to $2.3 billion.