The Initial Public Offering (IPO) of the state airline Uzbekistan Airways has been postponed from 2026 to 2027, according to the information agency Dunyo, citing the Ukrainian portal Fixygen.
Initially, the company planned to offer between 15% and 20% of its shares on the stock market in the second half of 2026. Currently, Uzbekistan Airways continues preparations for entering the capital market in parallel with implementing its transformation program.
A recovery program has been developed for the airline, which includes 115 initiatives. These measures are aimed at increasing operational efficiency, developing commercial activities, and improving passenger service quality. Furthermore, the program provides for the introduction of international corporate governance standards and strengthening interaction with investors.
It is expected that the implementation of these measures could potentially increase the value of Uzbekistan Airways from 1.6 billion US dollars to 2.3 billion US dollars. Nevertheless, the final market capitalization of the company will depend on investor interest, its financial and operational performance, as well as the results of the current transformation.
According to publicly available data, in 2025, Uzbekistan Airways generated revenue of 18.3 trillion UZS, equivalent to approximately 1.5 billion US dollars. This figure demonstrated a growth of 4.3% compared to the previous year.