Uzbekistan Airways and SQB are preparing for IPO in 2027–2028

Uzbekistan Airways and SQB plan to prepare for IPOs in 2027–2028

In 2027–2028, shares of four major companies and one bank from the portfolio of the National Investment Fund of Uzbekistan are intended to be launched for IPOs. This list includes JSC "Uzbekistan Airways", JSC "National Electric Grids of Uzbekistan", JSC "Uzbekhydroenergo", JSC "Uzbektelecom", and JSCB "Uzpromstroybank" (SQB). This was reported by the Ministry of Economy and Finance of the Republic of Uzbekistan.

These companies operate in aviation, energy, hydropower, telecommunications, and the banking sector. They are currently undergoing transformation and preparation for entering international capital markets.

The fund itself held an IPO on May 18, 2026. 35.45% of its shares worth 692 million dollars were placed on the London and Tashkent Stock Exchanges. Over 660 million dollars entered the state budget.

The demand for the fund's shares exceeded the supply by four times. In the international market, it amounted to more than 2.9 billion dollars, and on the Tashkent Stock Exchange — over 260 billion sum.

On October 14, the fund organized the Investors Day event in Tashkent. More than 250 foreign investors participated in it, with the total value of their portfolios exceeding 2.5 trillion dollars. According to the ministry, 40% of the participants were existing shareholders of the fund, and 60% were new investors.

On October 16, the Corporate Governance Day 2026 event was held in Tashkent. Participants identified six priority areas for improving corporate governance in the fund's portfolio companies. Among them are high-quality financial reporting under IFRS, compliance with the corporate calendar, and a revision of the KPI system. Long-term financial models, strengthening of key corporate functions, and a company value growth strategy were also included in the list.