Uzum's Potential for International IPO

Uzum could become one of the first organizations in Uzbekistan to list its shares on international stock exchanges. According to Reuters, this listing might take place in London.

The company confirmed it is exploring this possibility but emphasized that it is not solely limited to the London Stock Exchange. Experts have analyzed Uzum's potential and the significance of this process for Uzbekistan's economy.

Uzum is the largest digital ecosystem in Uzbekistan, integrating banking, financial technologies, a marketplace, and delivery services.

The company began its active development in 2022 and, within three years, successfully created a system encompassing the main fields of the online economy. According to Dmitriy Abbasov, Director of Investment Banking at Avesta Investment Group, Uzum has genuinely become Uzbekistan's first fully homegrown “unicorn” company.

The company is valued at approximately $1.5 billion, based on the latest investment round. The business continues to grow rapidly: within three years, Uzum has built a comprehensive ecosystem encompassing a marketplace, financial technologies, logistics, delivery, and banking solutions.

Even by international standards, this is a significant achievement. In 2024, the Uzum ecosystem attracted over $100 million in investment, and the company’s valuation exceeded $1 billion.

The primary investor is the venture fund FinSight Ventures, with participation from Xanara Investment Management and the company’s top management. In 2025, Uzum secured an additional $70 million investment from Tencent Holdings Ltd and the VR Capital fund, further strengthening the ecosystem’s appeal to international investors.

An IPO — the process of raising equity capital by offering shares on a stock exchange — allows companies to raise shareholder funds instead of taking on debt and offers investors a stake in the company.

The selection of international stock exchanges is not random: it aims to attract the attention of global institutional investors, as well as increase transparency and prestige. Kamoliddin Talipov, a member of the board of directors at Silk Capital, noted that Uzbek companies entering international stock exchanges is a positive trend.

This will increase global awareness of Uzbekistan and enhance the country’s image. At the same time, other companies will also have the opportunity to implement partial privatization through IPOs.

Talipov highlighted that international exchanges provide access to vast financial resources: “Shares offer virtually unlimited-term resources and create a strong foundation for sustainable growth.” Uzum's IPO process will not only open a new direction for the company but also set a precedent for the broader market. According to experts, international investors are showing increasing interest in Uzbekistan.

Dmitriy Abbasov noted that there is growing foreign interest, particularly from funds and private investors, in bonds and shares. This is linked to the government’s active engagement: large economic forums, investment meetings, and transparency policies are boosting international investor confidence.

The IPO represents the next step in Uzum’s phased growth and serves as a benchmark for other companies. Simultaneously, international investors are also focusing on other sectors in Uzbekistan, such as finance, renewable energy, and infrastructure projects.

In the coming years, international IPOs are expected in sectors such as energy, transportation, and mining. Read “Zamin” on Telegram!