Uzbekistan to conduct IPOs of 12 major state-owned companies between 2025 and 2028

Tashkent, Uzbekistan (UzDaily.uz) — Between 2025 and 2028, Uzbekistan plans to place shares of major enterprises with state participation on both international and domestic stock markets.

The initiative is part of a presidential decree “On the Privatization of Major Enterprises with State Participation on International Markets.”

The President has approved a list of major state-involved enterprises whose shares will be offered through initial public offerings (IPO) and/or secondary public offerings (SPO) on domestic and international exchanges.

The list includes 12 companies. According to the decree, between 10% and 25% of each enterprise’s shares will be made available on the stock markets.

Specifically, Uzbekistan plans to organize IPOs for shares in Navoiy Mining and Metallurgical Combine JSC (10–15%), the National Investment Fund of the Republic of Uzbekistan JSC (25%), and the state enterprise Navoiyuran (10–15%).

IPOs are also planned for Uzbekistan Airways JSC (15–20%), Almalyk Mining and Metallurgical Combine JSC (10–15%), National Electric Networks of Uzbekistan JSC (10–20%), Uzbekhydroenergo JSC (15–20%), Regional Electric Networks JSC (20–25%), Uztransgaz JSC (15–20%), Uzbekistan Airports JSC (15–20%), and Hududgazta’minot JSC (15–20%).

Meanwhile, Uzbektelecom JSC will conduct a secondary public offering (SPO) of 10–15% of its shares.

The IPOs of nine companies (excluding NMMC, AMMC, and Navoiyuran) will be carried out in cooperation with Franklin Templeton Asset Management LLC.