The long-awaited London stock market listings for two major Uzbekistani state-owned enterprises – Uzbekistan Airways and telecommunications giant Uzbektelecom – have been pushed back until 2027. This move comes amidst a comprehensive reform programme aimed at strengthening and transforming these key national assets, as outlined by Deputy Prime Minister Jamshid Kuchkarov in a recent address to investors in Tashkent.
The delayed listings were initially expected to inject significant capital into the London market, which has experienced a lull in new listings this year. Notably, Uzbekistan's National Investment Fund (Uznif), managed by Franklin Templeton and investing in various state-owned companies, raised approximately £547 million in May via a dual-listing on both the London and Tashkent stock exchanges. Uznif shares have reportedly risen by 20% since their initial public offering (IPO).
Mr Kuchkarov elaborated that the reform programme, undertaken in collaboration with Franklin Templeton, will address key sectors including railways, digital connectivity infrastructure, and aviation to ensure the companies' successful transition to public entities. The reforms are a crucial step towards strengthening these national assets ahead of their planned IPOs.
The postponement of these high-profile listings adds to concerns about the London stock market's vitality. Apart from Uznif, only Meridian Mining and Iforex have debuted in London this year, raising a combined £32 million. Several other notable contenders for 2026 listings – including Navoi, Visma, and Loveholidays – have also postponed their plans until 2027, indicating a challenging environment for new market entrants.
Despite the delays, the Uzbekistani government remains committed to its privatisation drive under Prime Minister Abdulla Aripov. These initial listings are expected to pave the way for further Uzbekistani IPOs in London, aiming to attract international capital to Tashkent. Uzbekistan Airways is forecast to achieve a valuation of over £1.5 billion at its IPO, while Uzbektelecom is valued at around £400 million, underscoring the significant scale of these future market events.