Key facts
- Planned London IPOs for Uzbekistan Airways and Uzbektelecom have been delayed to 2027.
- The delays are attributed to ongoing government reform programs for the state-owned companies.
- Uzbekistan's National Investment Fund successfully raised $692 million in a dual listing earlier this year.
- Other potential IPO candidates have also pushed their listings to 2027.
- Uzbekistan aims to list up to six companies to attract international capital.
London's stock market is facing a continued drought of new listings, with two anticipated debuts from Uzbekistani state-owned companies, Uzbekistan Airways and Uzbektelecom, now postponed to 2027. Deputy Prime Minister Jamshid Kuchkarov stated the delays are necessary to implement reforms and prepare the companies for public ownership. This comes after a successful $692 million dual listing earlier this year by Uzbekistan's National Investment Fund, managed by Franklin Templeton. However, only two other companies have listed in London this year, raising a combined £32 million. Several other potential IPO candidates, including Uzbekistani gold miner Navoi, have also pushed their plans back to 2027, raising concerns about the health of the London market. Uzbekistan, previously one of the world's most protectionist nations, is undergoing a significant privatization drive under Prime Minister Abdulla Aripov, aiming to orchestrate as many as six IPOs to attract international capital. Uzbekistan Airways is projected to be valued at over $2 billion, while Uzbektelecom is currently valued at approximately $400 million.