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Trading · Stock market

IPO in Uzbekistan: Which State Companies Will List by 2028

On 17–18 September 2026 NAPP summed up the year on the capital market, and the manager of UzNIF from the Franklin Templeton group named Uztelecom as the first IPO candidate. We checked the schedule in Resolution PQ-145 against the latest statements and explain how a retail investor can take part in offerings.

· 7 min read · Sogdium Editorial
A frosted glass panel with a rising row of bars and a single turquoise column on a light background, next to a stack of document folders

In brief: The next IPOs in Uzbekistan will come primarily from the portfolio companies of the National Investment Fund (UzNIF). According to Marius Dan, CEO for Central Asia at Templeton Global Investments, as quoted by Euronews on 18 September 2026, Uztelecom JSC is furthest along, while adviser selection is also under way for Uzbekistan Airways, Regional Electric Networks, the National Electric Grid of Uzbekistan and Sanoat Qurilish Bank (SQB). The state schedule in Annex No. 2 to Resolution PQ-145 of 21 April 2025 sets out 12 offerings through H2 2028, but some deadlines have already slipped: on 29 June 2026 Deputy Prime Minister Jamshid Kuchkarov named 2027 for the IPOs of Uzbekistan Airways and Uztelecom (Gazeta.uz, 29 June 2026).

What was said on 17–18 September: Uztelecom is first in line

On 17 September 2026 Tashkent hosted the 8th Cbonds international conference "Capital Market of the Republic of Uzbekistan" (Cbonds Congress). NAPP First Deputy Director Vyacheslav Pak called 2026 a "breakthrough" year (translated from Russian) and named the UzNIF IPO its landmark event (NAPP announcement, 17 September 2026). On 18 September Euronews published a piece on new listings labeled as a partnership with the Center for Media Content Production under the Presidential Administration, so what follows are the fund manager's statements, not an independent assessment (Euronews).

Figures of the week — who said what:

  • Uztelecom is furthest along in the potential IPO pipeline; an international listing and an increase in the number of shares traded on the Tashkent Stock Exchange ("Toshkent") are being considered — Euronews, 18 September 2026.
  • Five adviser selection processes: Uzbekistan Airways, Uztelecom, Regional Electric Networks, the National Electric Grid of Uzbekistan and SQB — Euronews, 18 September 2026.
  • 78% of UzNIF's net asset value will move from unlisted to listed companies "over the next 24 to 36 months" — Marius Dan, Euronews, 18 September 2026; the half-year results call cited a 30–36 month window (GuruFocus via Yahoo Finance, 29 August 2026).
  • $90 million — foreign-currency bond issues registered by NAPP; 200 billion soums — the first mortgage bond issue in the regulatory sandbox — Vyacheslav Pak at the conference on 17 September 2026 (Spot, 21 September 2026).

State company IPO schedule to 2028: what PQ-145 says

The official plan is Annex No. 2 to Presidential Resolution PQ-145 of 21 April 2025 (in force since 22 April 2025, as amended by PQ-97 of 13 March 2026 and Presidential Decree PF-65 of 17 April 2026; lex.uz, the Russian text is an unofficial translation). The state stake and the deadline for announcing the offering are taken from the annex:

No.CompanyState stake, %FormDeadline under PQ-145Status as of 23 September 2026
1Navoi MMC10–15IPOH2 2025IPO work suspended (PRIME citing Bloomberg, 4 May 2026)
2UzNIF25IPOH1 2026completed in May 2026, ticker UZNF
3Navoiyuran10–15IPOH2 2026—
4Uzbekistan Airways15–20IPOH2 2026Kuchkarov: 2027
5Almalyk MMC10–15IPOH1 2027—
6National Electric Grid of Uzbekistan10–20IPOH1 2027adviser selection under way
7Uztelecom10–15SPOH2 2027Kuchkarov: 2027; first in UzNIF's line
8Uzbekhydroenergo15–20IPOH2 2027—
9Regional Electric Networks20–25IPOH1 2028adviser selection under way
10Uztransgaz15–20IPOH1 2028—
11Uzbekistan Airports15–20IPOH1 2028—
12Hududgaztaminot15–20IPOH2 2028—

A dash means we found no recent public statements; the adviser selection and "first in line" notes are based on Euronews, 18 September 2026. The State Commission on Privatization may change the size, form and timing (note to the annex). Uztelecom is listed as an SPO because its shares already trade on the Toshkent exchange. SQB is not in Annex No. 2.

What has slipped: Uzbekistan Airways, Uztelecom, Navoi MMC

"For example, next year we plan the IPO of Uzbekistan Airways. Also next year, the IPO of Uztelecom," Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov said on 29 June 2026 (translated from Russian) (Gazeta.uz, 29 June 2026). For the airline this is a delay against PQ-145, which sets H2 2026. Under the schedule Navoi MMC was due to go public as early as H2 2025, but according to PRIME on 4 May 2026 work on the offering has been suspended with no new date.

UzNIF shares after the IPO: price on the Toshkent exchange

The UzNIF IPO is the main benchmark for the deals to come. Results according to Gazeta.uz of 13 May 2026:

  • price: 4.65 soums per share in Tashkent and $25 per GDR in London;
  • about $603.6 million raised, market capitalization at the offer price of about $1.95 billion;
  • demand exceeded supply more than 4 times;
  • trading in London and on the Toshkent exchange under the ticker UZNF was expected to start around 18 May 2026.

On 23 September 2026 the last trade in UZNF on the Toshkent exchange was at 6.61 soums (uzse.uz, retrieved 23 September 2026), roughly 42% above the offer price of 4.65 soums in May 2026 (Gazeta.uz, 13 May 2026). The fund put its net asset value as of 31 July 2026 at 31,631 billion soums ($2.63 billion), or 6.2582 soums per share (UzNIF RNS via TradingView, 21 August 2026). The price and NAV cannot be compared directly: the dates differ, and NAV is published once a month.

How a retail investor can take part in an IPO in Uzbekistan

The process is the same as buying shares on the Toshkent exchange. Steps and fees are based on Spot explainer cards of 2 July 2026; double-check them on the broker's website.

  1. Choose a licensed broker. Licenses can be checked in NAPP's register of professional securities market participants: for example, ALKES RESEARCH LLC is listed there (retrieved 23 September 2026).
  2. Open an account at an office or online via MyID. The platforms set no minimum amount to start investing (Spot, 2 July 2026).
  3. Place an order through the broker's app or trading system.
AppBuying sharesSelling sharesSource
GoInvest (partner: KAP DEPO)0.86%0.87%Spot, 2 July 2026
JETT (default broker: Alkes Research)0.99%1.00%Spot, 2 July 2026

For the UzNIF IPO, orders were accepted by the brokers ALKES, Bluestone and Avesta; the minimum order via JETT was 100,000 soums, and orders of up to 12 billion soums received a discount of about 5%, or about 4.41 soums per share (Spot, 6 May 2026). Terms for future IPOs will be set by each deal's prospectus.

On risk: NAPP, as reported by Gazeta.uz on 13 August 2026, names low liquidity as one of the market's problems, so before buying, check on uzse.uz how often the security trades. For the basics, see "Trading for beginners"; crypto exchanges are licensed separately, see "Licensed crypto exchanges in Uzbekistan".

The Law "On the Capital Market": derivatives and qualified investors

Status: a bill. The Legislative Chamber passed it in the first reading on 28 July 2026 (Spot, 28 July 2026); there is no effective date. On 17 September 2026 Vyacheslav Pak expressed hope that the law would be adopted by the end of the year (Spot, 21 September 2026). As described by NAPP (press conference of 12 August 2026, napp.uz), the bill provides for:

  • 16 chapters and 123 articles, replacing the 2015 Law "On the Securities Market";
  • derivatives — options, swaps, futures, forwards and contracts for difference — as well as covered and securitized bonds, sustainable development bonds and sukuk;
  • a central counterparty and a category of "qualified investors";
  • among other things, tax incentives until 2038 on certain income from corporate bonds and sukuk.

Qualified investors will be individuals with "sufficient knowledge, experience and financial resources," and "NAPP will approve a list of complex instruments available only to such investors" (translated from Russian) (Gazeta.uz, 13 August 2026).

FAQ

Which companies will be next to IPO in Uzbekistan? The nearest candidates are UzNIF's portfolio companies, with the fund manager naming Uztelecom first (Euronews, 18 September 2026). The official list of 12 companies with deadlines through 2028 is in Annex No. 2 to PQ-145.

When will Uzbekistan Airways and Uztelecom hold their IPOs? Deputy Prime Minister Jamshid Kuchkarov named 2027 for both deals on 29 June 2026. PQ-145 sets H2 2026 for the airline and an SPO in H2 2027 for Uztelecom.

How much do UzNIF shares cost after the IPO? According to uzse.uz, on 23 September 2026 the last trade in UZNF on the Toshkent exchange was at 6.61 soums, against the offer price of 4.65 soums in May 2026 (Gazeta.uz, 13 May 2026). The current price is on uzse.uz.

How can an individual buy shares in an IPO in Uzbekistan? You need an account with a licensed broker (licenses can be checked in the NAPP register), which can be opened online via MyID. Orders are placed through the broker's app or system within the period set in the deal prospectus. The fee for buying shares, according to Spot on 2 July 2026, is 0.86% in GoInvest and 0.99% in JETT.

Will futures and options appear in Uzbekistan? The bill "On the Capital Market" provides for them, but it has passed only the first reading (28 July 2026) and has not taken effect. The list of complex instruments reserved for qualified investors will be approved by NAPP, as described by Gazeta.uz on 13 August 2026.

Sources

High risk

Trading cryptocurrencies and derivatives carries a high risk of losing your funds. This article is for information only and is not investment advice.

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