IPO in Central Asia: Which Companies Are Going Public? UZUM, an Uzbek Company.

The market for initial public offerings (IPOs) in Central Asia, and particularly in Uzbekistan, is showing significant growth, attracting attention from both local and international investors. This process is a bright indicator of economic reforms, market liberalization, and the desire to integrate into the global financial system. In this review, we will look at key upcoming IPOs, paying special attention to flagship offerings in Uzbekistan.

UZUM: Uzbekistan's First Tech 'Unicorn' on the Path to a Global IPO

Without a doubt, Uzum is at the center of attention — the first tech company in Uzbekistan to achieve a $1.5 billion valuation and 'unicorn' status. This milestone was made possible after securing strategic investments, including $70 million from the Chinese tech giant Tencent in August 2025.

Uzum represents a digital ecosystem, or super app, combining several key services:

• Uzum Market: The country's largest e-commerce platform with over 5 million users.

• Uzum Bank: A fintech service offering banking services, including the popular interest-free installment program Uzum Nasiya.

• Uzum Tezkor: An express delivery service.

Uzum's IPO in 2027 will mark a historic event for Uzbekistan — it will be the country's first tech company to go public on a global exchange. The $1.5 billion valuation after Tencent's investment is a recognition of the Uzbek market's potential by the world's largest investors.

Plans for an IPO:

A successful IPO by Uzum could be a catalyst for the entire tech sector in Central Asia, paving the way for other ambitious startups.

Privatization of State Giants: 12 IPOs by the Uzbek Government

Alongside the development of the private tech sector, the Uzbek government is implementing a large-scale privatization program. President Shavkat Mirziyoyev has approved a schedule for listing shares of the 12 largest state companies on local and international stock markets between 2025 and 2028.

Prospective Fintech Startups: Future IPO Stars?

In addition to Uzum, an active startup ecosystem is forming in Uzbekistan and Central Asia, especially in the field of financial technologies. Government support and growing interest from venture funds create a conducive environment for the emergence of new 'unicorns'. As part of the WERISE: Pioneers of Digital Finance 2026 initiative, several promising projects have been highlighted.

These companies, along with other players like Click and Payme, are forming a competitive environment and have the potential to go public in the future, following in Uzum's footsteps.

Conclusion

The investment landscape in Central Asia is undergoing transformation. On one hand, large-scale privatization is opening access to established state assets. On the other — the rapid growth of the tech sector, led by a flagship like Uzum, offers opportunities for high-yield venture investments. For investors ready to work in emerging markets, Uzbekistan represents one of the most interesting and dynamic growth stories in the coming years.