Why is this important
Such a step signals the desire of the Uzbek private sector to attract global capital, rather than remaining confined to the domestic market. This indicates that the local exchange is not yet perceived as a full-fledged platform for large-scale placements, which puts the development of the capital market within the country under question. If placements succeed, they can significantly increase foreign investors’ interest in Uzbekistan, but at the same time require higher levels of transparency, corporate governance, and market infrastructure from companies and regulators.
Key facts
- Uzum is considering an international IPO for 2027, exploring platforms such as London, Nasdaq, Abu Dhabi, and Hong Kong.
- Korzinka announced its intention to conduct an IPO, but the timing has not yet been determined.
- Centrum Holding plans to conduct an IPO by the end of 2026 with the participation of global banks Citigroup and Oppenheimer Holdings to attract capital for the development of the aviation and logistics business.
- Uzum has already become a unicorn company: its valuation reached $1.5 billion after a $65.5-70 million funding round.
- The analytical commentary notes: the presence of large private companies choosing foreign listings indicates that the domestic capital market is underdeveloped.
Context
The development of the capital market in Uzbekistan does not yet correspond to the growth rates of the private sector and the volumes of large companies striving for publicity. International listing requires a high level of corporate governance, disclosure of information, compliance with standards – and this presents a challenge for companies from developing markets. Example of regional neighborhood: Kaspi.kz from Kazakhstan first listed in London, then with Nasdaq. Uzum directly cites the analogy. For the internal exchange and regulator, this is a signal: it is necessary to develop infrastructure – the institution of underwriters, the institution of public companies, incentives for institutional investors, liquid instruments.
What’s next
If the IPO is successful, a “magnet” effect is possible: other companies will follow. The domestic capital market can be stimulated for development — provided that reforms and improved transparency are implemented. If there is no progress on the domestic exchange and infrastructure, there are risks that private sector “flagships” will choose only foreign platforms.
