Uzbekistan is preparing a new wave of potential stock-market listings across telecommunications, aviation, banking and energy, with Uztelecom currently the most advanced candidate for an international offering. The programme is being led by the National Investment Fund of Uzbekistan (UzNIF), as the country seeks to attract private capital and strengthen corporate governance.
The development is primarily an Uzbekistan and Central Asia business story rather than a direct European Union decision. However, it has international significance because UzNIF made its own debut on the London market in May, while the companies being prepared for listing could give global investors greater access to Uzbek infrastructure and public-service businesses.
Uztelecom leads Uzbekistan’s potential IPO pipeline
Uztelecom is already listed on the Tashkent Stock Exchange and is the furthest advanced of the companies being assessed for a possible international listing. UzNIF is also considering increasing the number of shares available on Uzbekistan’s domestic market.
An international offering could broaden the company’s investor base and help raise capital for future investment. Before that can happen, Uztelecom must demonstrate that its financial reporting, governance arrangements and operations are ready for the higher standards expected by public-market investors.
The wider preparation programme includes five equity-adviser selection processes involving:
- Uzbekistan Airways
- Uztelecom
- Regional Electric Networks
- The National Electric Grid of Uzbekistan
- Sanoat Qurilish Bank
UzNIF has not yet confirmed the final timing or sequence of the individual transactions. A presidential decree provides for six portfolio companies to be listed by the end of 2028.
Why the listings matter for international investors
The proposed listings are intended to do more than transfer ownership from the state to private shareholders. Depending on the final structure, the companies could issue new shares to raise money directly for investment, or existing shareholders could sell part of their holdings.
That distinction matters for businesses requiring substantial capital. Potential investment needs include aircraft, telecommunications infrastructure, electricity networks and other long-term projects.
The government would have priority if it decided to sell shares, while UzNIF could also sell part of its holdings where necessary to support market liquidity. The precise balance between new shares and existing shares will be decided at a later stage.
For investors, a public listing could provide access to some of Uzbekistan’s largest corporate assets. For the companies, it would create obligations including regular disclosure, audited financial information and greater scrutiny from shareholders and regulators.
Governance reforms are central to the programme
UzNIF and its investment manager, Franklin Templeton, are working on governance and operational reforms across the fund’s portfolio of 13 major Uzbek companies. The changes include new supervisory-board arrangements, updated planning processes and stronger financial reporting.
According to information provided by the fund, ten independent non-executive directors have been appointed across the portfolio. Eleven of the 13 companies now have supervisory boards where independent directors and Franklin Templeton representatives hold a majority.
Nine transformation plans have been completed, with four more expected in the coming months. At Uzbekistan Airways, the fund has identified 120 initiatives involving growth, efficiency, profitability, customer experience and expansion.
These reforms are significant because a successful IPO requires more than investor interest. Companies must be able to produce dependable accounts, explain their strategy and make decisions through governance structures that can withstand external examination.
UzNIF portfolio valued at €2.28 billion
UzNIF’s net asset value was approximately €2.28 billion on 31 July 2026. The fund reported €147 million in net profit for the first half of 2026, including a €156 million fair-value gain and €24 million in dividend income.
Energy-related holdings accounted for about 37% of the fund’s net asset value. Their valuations are being influenced partly by Uzbekistan’s regulated asset-base framework, which determines how regulated utilities can earn returns on infrastructure investment and how tariffs are calculated.
Initial tariff adjustments took effect on 1 August. Further details are expected by the end of 2026 or during the first quarter of 2027, according to the information supplied for the programme.
Listings could shift most of the fund’s value into public companies
UzNIF expects roughly 78% of the fund’s net asset value to move from unlisted to listed companies over the next 24 to 36 months. That would represent a major change in the composition of the portfolio.
Franklin Templeton has managed UzNIF for the first full year in 2026, after taking over in May 2025. The fund said this year’s results should provide a fuller basis for assessing profitability and future dividend capacity. Its first dividend is expected to be considered in 2028, based on financial results for 2027.
What happens next?
The immediate focus is on completing readiness assessments, appointing advisers and continuing governance reforms. The companies will still need to meet the requirements of the relevant exchanges and regulators before any listing can proceed.
Key next steps include:
- Completing financial, operational and governance preparations.
- Selecting equity advisers for the companies in the potential IPO pipeline.
- Deciding whether each transaction will involve new shares, existing shares or a combination.
- Confirming the timing and venue of individual offerings.
- Continuing the transformation of the wider UzNIF portfolio.
No final decision has yet been announced on the timetable for each company. The programme’s success will depend on whether reforms can produce companies that are sufficiently transparent, financially robust and attractive to international investors.
Conclusion
Uzbekistan’s potential listings represent a significant test of its capital-market reform strategy. Uztelecom is currently the leading candidate, but the wider pipeline reaches into aviation, energy and banking. If the planned governance changes and public offerings proceed, they could bring fresh investment into major Uzbek companies while giving international markets a larger role in the country’s economic development.