Uzbekistan's National Investment Fund (UzNIF) is preparing for the Uzbekistan Airways IPO. Bloomberg reported this citing Marius Dana, CEO of Franklin Templeton Central Asia. For investors, this signals a potential listing of the national airline's shares on the exchange.

Advisor Selection

In June, the fund will begin selecting advisors for equity capital markets. They will work not only with the airline but also with other companies in UzNIF's portfolio.

Share and Transformation Program

In mid-June, it became known that up to 20% of Uzbekistan Airways shares are planned to be offered in the IPO. Before going public, the company is undergoing a transformation program developed with Franklin Templeton's support.

The program includes 115 steps. They are designed to improve management efficiency, enhance financial performance, and bring the carrier's operations into compliance with international standards.

Financial Performance

  • net profit last year was 1.2 trillion soums, 73.5% higher than a year earlier;
  • operating expenses for the year decreased from 1.5 trillion soums to 700 billion soums.

The timing and parameters of the transaction are not disclosed in the material.