The initial public offering (IPO) of Uzbekistan Airways is being postponed until 2027, a source familiar with the matter told Spot.
Initially, a presidential decree dated April 21, 2025, provided for the placement of 15−20% of the airline’s shares in the second half of 2026. In June, Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov said that the IPO was planned for 2027.
According to the source, the postponement is related to the need to thoroughly prepare the airline for the IPO and complete all necessary procedures. Work on the transformation of Uzbekistan Airways and preparations for the offering are currently underway.
In July, Franklin Templeton, the trust manager of Uzbekistan’s National Investment Fund (UzNIF), also told Spot that the timing of the IPO would depend on the airline’s readiness and market conditions. The company said the preparations include business transformation, improvements to corporate governance and financial reporting, and the development of investor relations.
A transformation program comprising 115 initiatives has been developed for Uzbekistan Airways. It aims to improve operational efficiency, commercial activities and customer service, as well as introduce international practices in corporate governance and investor relations.
It was previously reported that the airline’s potential valuation could increase from $1.6 billion to $2.3 billion after the transformation program is implemented. Franklin Templeton, however, stressed that the final valuation would depend on investor demand, the company’s financial and operational performance, and the success of the transformation program.
Another factor in the IPO preparations will be Uzbekistan Airways' transition to international financial reporting standards. The company has been included in the register of public-interest entities and will therefore be required to officially switch its accounting to IFRS from January 1, 2027.
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