Uzbekistan's largest private logistics group Centrum Holding is negotiating with Citigroup and JPMorgan Chase on preparing an initial public offering on the London Stock Exchange. This is reported by Bloomberg citing sources.

The offering could take place as early as next year. Discussions are being held in closed mode.

Change in underwriters

A notable detail: in February 2026, an IPO support agreement was signed by American Oppenheimer and Citibank.

JPMorgan's appearance in negotiations indicates a revision of the underwriter composition — this usually means either an increase in the scale of the offering or a desire to attract a wider circle of institutional investors.

Stated parameters

According to previously announced estimates:

  • company valuation — approximately $2 billion;
  • planned fundraising volume — around $600 million;
  • expected offering share — approximately 30% of shares;
  • timeline — first quarter of 2027, decision will be made based on 2026 results.

The group's business is consolidated in a holding structure registered in the Dubai International Financial Centre.

What the company represents

The group grew out of cargo airline My Freighter, created in late 2019. In 2023, passenger subsidiary Centrum Air was established.

The dynamics are confirmed by indirect data: according to tax statistics for the first quarter of 2026, My Freighter transferred 85.7 billion som compared to 37.6 billion a year earlier — growth of more than twofold.

Why London and not Tashkent

The choice of an overseas platform is logical. The local market, despite its development, remains limited in depth: attracting $600 million with current liquidity of Toshkent Exchange would be difficult.

Other major issuers are following the same path: the National Investment Fund placed GDRs in London, AKFA Aluminium is preparing a Eurobond issuance, Alif Uzbekistan is listing on Astana Exchange.

Fintech company Uzum and retail chain Korzinka have also previously announced possible IPOs.

What this means for the market

The entry of private companies into international platforms is a dual process for the local market.

On one hand, it increases the country's recognition among global investors and creates public valuation benchmarks for entire industries.

On the other — the largest private issuers list not in Tashkent, meaning shares of these companies remain unavailable to local retail investors without access to overseas markets.

This is precisely the task that the Tashkent International Financial Centre, launching in 2027, is designed to solve.

This material is for informational purposes only and is not an investment recommendation.