Tashkent, Uzbekistan – June 11, 2025 – As part of Uzbekistan’s capital market development agenda, an IPO Seminar was held in Tashkent on June 11, 2025, bringing together senior leadership from key state-owned enterprises (SOEs), government institutions, and private sector players. The event was organized by a consortium of advisors – STJ Advisors, ScholzVonGleich, and Finasia Capital – in partnership with Franklin Templeton (FT), the appointed fund manager of the Uzbekistan National Investment Fund (UzNIF).
The seminar marked a key milestone in the country’s IPO readiness program, designed to prepare portfolio companies of UzNIF and other large SOEs for potential listings on domestic and international stock exchanges over the next 3–4 years.
Objectives and Structure
The seminar featured two expert-led sessions focused on the technical and strategic aspects of preparing for a successful IPO. It also served as a platform for open dialogue between SOE executives, regulatory authorities, and capital markets advisors on the next phase of Uzbekistan’s privatization and equity market development.
The agenda covered the full IPO lifecycle — from early-stage investor engagement to post-listing strategy — with an emphasis on real-world lessons and international best practices.
Key Topics Discussed
- Crafting a compelling equity story to attract global investors
- Designing the IPO process and ensuring organizational readiness
- Engaging analysts and institutional investors early in the process
- Forming an optimal syndicate to drive pricing and allocation strategy
- Securing cornerstone and anchor investors to enhance IPO stability
- Managing post-IPO performance and liquidity through proactive investor relations
Participants
The seminar attracted more than 50 senior representatives from leading state-owned and private institutions, including:
- Uzbektelecom, Navoiuran, UzAssets, NEGU, AMMC
- Ministry of Economy and Finance (MoEF), UzAirways, UzAirports, Uzrailways, Uzhydroenergo
- Regional Power Grids, Hamkorbank, Korzinka
- U.S. Embassy in Tashkent
Seminar Materials and Outcomes
Participants received a comprehensive presentation pack prepared by the consortium, outlining timelines, equity story frameworks, syndicate engagement strategies, and post-listing investor communication plans. These materials were developed as a practical roadmap for companies planning to access the equity capital markets.
The event concluded with a networking lunch, encouraging further discussion on Uzbekistan’s evolving capital market environment and the role of public offerings in building transparent, investable enterprises.
