Uzbekistan Airways Privatisation Advances with UzNIF IPO Plans
Privatisation plans for Uzbekistan Airways are gaining momentum as the Uzbekistan National Investment Fund prepares for an initial public offering (IPO), which will include its 25% stake in the airline.
Uzbekistan Airways is the most valuable asset among the fund’s 13-company portfolio, with a net asset value estimated at $403 mln, according to asset manager Franklin Templeton.
IPO plans take shape
UzNIF, owned by Uzbekistan’s Ministry of Economy and Finance, confirmed plans to list shares on both the Tashkent and London stock exchanges. The offering will include two components: ordinary shares for domestic and select international investors, and global depositary receipts (GDRs) aimed at institutional investors abroad.
The IPO is expected to mark Uzbekistan’s first major international equity offering, reflecting the country’s broader economic reform programme.
Key step in privatisation strategy
The airline is among six major state-linked companies earmarked for IPOs by 2028 under a presidential decree. The move is part of Uzbekistan’s efforts to attract foreign investment and modernise key sectors of the economy.
Several global investors, including funds managed by BlackRock and Franklin Resources, have already agreed to subscribe to around $300 mln worth of depositary receipts.
Modern fleet and growth ambitions
Uzbekistan Airways has been upgrading its fleet in recent years, operating aircraft such as Boeing 787 Dreamliners and Airbus A320neo-family jets as part of its strategy to improve efficiency and expand international routes.
The upcoming IPO is seen as a key step toward partial privatisation of the carrier, potentially increasing transparency, competitiveness, and access to global capital markets.
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