Uzbekistan Airways and four Uzbek companies may conduct IPO within two years

According to the Ministry of Economy and Finance, Uzbekistan intends to conduct an Initial Public Offering (IPO) of shares from five major companies in the National Investment Fund's portfolio between 2027 and 2028. Among these companies are Uzbekistan Airways and Uzpromstroybank (SQB).

Other enterprises included in the list are the National Electric Networks of Uzbekistan, Uzbekhydroenergo, and Uzbektelecom. These companies cover the aviation, energy, hydropower, telecommunications, and banking sectors. They are currently undergoing transformation processes and preparing for entry into international capital markets.

The National Investment Fund itself previously conducted an IPO on May 18, 2026. During the placement of 35.45% of shares on the London and Tashkent stock exchanges, $692 million was raised, of which over $660 million was directed to the state budget.

Demand for the fund's shares exceeded the supply by four times. International investors expressed interest amounting to over $2.9 billion, and demand on the Tashkent Stock Exchange reached 260 billion soums.

On October 14, the fund organized an Investors Day event in Tashkent, attended by over 250 foreign investors whose total assets exceeded $2.5 trillion. The Ministry reported that 40% of the participants were existing fund shareholders, and 60% were new investors.

On October 16 in Tashkent, Corporate Governance Day 2026 took place. Participants of this event identified six priority areas for improving corporate governance in companies within the fund's portfolio. These include ensuring high-quality financial reporting in accordance with International Financial Reporting Standards (IFRS), adhering to the corporate calendar, and reviewing key performance indicator systems. Long-term financial models, strengthening key corporate functions, and strategies to increase company value were also named as priorities.

Uzbekistan is considering expanding opportunities for individual entrepreneurs to acquire various assets, including vehicles, equipment, and other property, through leasing. Leasing is defined as long-term rental with the right of subsequent purchase.

The relevant draft law has already been approved by the Legislative Chamber of the Oliy Majlis in its third reading and is currently being sent to the Senate.

Changes in the accounting of leased property

One of the key changes is the adjustment of the procedure for accounting for property transferred under lease. Previously, such property was usually reflected on the balance sheet of the recipient, but for individual entrepreneurs, it is now stipulated that this property should be accounted for on the balance sheet of the company that provided the property.

It is expected that the introduction of these innovations will increase individual entrepreneurs' access to necessary financial resources and simplify the process of using leasing services.

Furthermore, it should be mentioned that in February 2025, President Shavkat Mirziyoyev gave his consent to a proposal that allows banks to directly purchase non-residential real estate from developers. After this, banks will be able to lease or rent this real estate to entrepreneurs under special, preferential conditions. This initiative is designed to activate the turnover of free commercial spaces and expand business opportunities in the real estate sector.

Starting from January 25, 2027, a unified infrastructure overseen by the Central Bank will be used for all financial transactions and payments between individuals in Uzbekistan. This new system will consolidate various data exchange channels, enabling transaction processing within the country instead of relying on foreign processing centers, which is expected to increase the reliability and security of transfers.

The regulation governing the operation of the payment switch was officially approved by a resolution of the Central Bank board on October 23, 2026. The unified payment switch will serve as a centralized channel for transmitting and processing all payment information. Through this system, requests for operation confirmation, payment messages, and interbank settlements in local currency will be carried out using both bank cards and electronic money.

It is planned that this system will operate continuously, around the clock, without interruption. It will allow for the consolidation of disparate payment data transmission routes into a single infrastructure managed by the Central Bank. A key goal of this reform is the ability to process some international banking operations within Uzbekistan that currently depend on foreign processing centers, thereby strengthening the resilience of the national payment system.

Requirements for System Participants

The new regulatory norms clearly define the scope of settlement participants. Direct settlement is permitted exclusively for banks. Payment organizations and payment system operators can connect to the switch, but they require an servicing bank to conduct settlements. Furthermore, system participants are obliged to adhere to a number of strict rules: they do not have the right to independently change the details of payment orders or perform any operations without the explicit consent of the client. They are also responsible for ensuring the confidentiality of payment information and the protection of personal data.

Previously, international services Apple Pay and Google Pay had already started operating in Uzbekistan. In the Apple Wallet application, users can link cards from eight local banks and financial services, including Uzum, Orient Finans Bank, National Bank, Kapitalbank, Hamkorbank, Ipak Yuli Bank, TBC Bank, and Octobank.