Why is this important
Uzum’s IPO in 2027 is a historic event for Uzbekistan, the first technology company on the global exchange. The $1.5 billion valuation after Tencent is recognition of Uzbekistan’s market potential by the world’s largest investors. The pre-IPO round in Hong Kong will attract Chinese and Asian investors and open the Uzbek market for international capital. Hong Kong is the IPO leader ($23.27 billion in 2025), the listing will give Uzum access to global investors, liquidity, and prestige.
What happened
- Uzum plans an IPO pre-round in Hong Kong in 2026, an IPO in 2027;
- In August, Tencent invested $70 million, the valuation increased to $1.5 billion;
- IPO is considered on the Hong Kong, London, Abu Dhabi, Nasdaq exchanges;
- In 2024, Uzum became the unicorn, attracting $114 million;
- Operated by Uzum Market, Uzum Tezkor, and Uzum Bank.
Tencent Investments
- $70 million in august: Chinese tech giant Tencent (owner of WeChat, the largest investor in games) invested in Uzum, raising its valuation to $1.5 billion.
- Why Tencent: entering the Central Asian digital economy, portfolio diversification, access to a rapidly growing market (e-commerce +50-60% annually).
- Signal for the market: Tencent’s investments — recognition of Uzbekistan’s potential by the world’s largest investors, opening the way for others (Alibaba, SoftBank, Sequoia).
Pre-IPO Round in 2026
- Hong Kong: Asian financial center, IPO leader in 2025 ($23.27 billion from 66 companies).
- The goal is to attract capital before the IPO from Chinese, Asian, and Western investors.
- Volume: not disclosed, but typical pre-IPO rounds of unicorns — $100-300 million.
- Why: raise the valuation to $2-3 billion before the IPO, strengthen the balance, finance expansion (Kazakhstan, Kyrgyzstan, Tajikistan).
IPO in 2027
- Places: Hong Kong, London, Abu Dhabi, Nasdaq.
- Estimated: $2-3 billion after the pre-IPO round.
- Attraction: $300-500 million through the placement of 15-25% of shares.
- Why: global liquidity, prestige, capital for expansion to Central Asia, CIS, product development (FinTech, logistics, AI).
Uzum — Super Application
- Uzum Market: the largest e-commerce platform (5+ million users) — an online store (electronics, clothing, household appliances, products).
- Uzum Tezkor: Express delivery — delivery of goods within 1-2 hours.
- Uzum Bank: loans (Uzum Nasiya — interest-free installment plan), transfers, ATMs, accounts.
- Own infrastructure: banking system, payment gateways, logistics.
Hong Kong — IPO leader
- 2025: 66 companies attracted $23.27 billion — first place in the world, surpassing Nasdaq, London.
- Advantages: access to Chinese investors (the largest capital market), prestige, regulation (Anglo-Saxon law), liquidity.
- Central Asia: Zijin Gold International attracted $3.21 billion (project in Kazakhstan), Jiaxin International — Hong Kong-Kazakhstan double listing.
Context
- Basis: 2022 — became a unicorn in 3 years (estimated at $1.5 billion).
- Growth of e-commerce: +50-60% annually due to digitalization, income growth (+19% of salary), young population (60% under 30 years old).
- Competition: Uzum competes with OLX (buys TBC), Click, Payme, but dominates e-commerce, FinTech.
- Abu Dhabi registration: Offshore jurisdiction to attract foreign investment, preferential taxation.
- Expansion: plans to expand to Kazakhstan, Kyrgyzstan, Tajikistan — a market of 80+ million people.
