UZSE · Central Asia

Republican Stock Exchange Toshkent

Listing requirements, segments and the practical points that matter for a company from the CIS, Central Asia or the Gulf.

Data checked: 6 November 2026

Location: Tashkent, Uzbekistan
Regulator: National Agency of Perspective Projects (NAPP)
Trading currency: UZS
Indicative timeline: Not specified

Listing segments

Stock Market - Premium category

Minimum market capitalisation: Not specified
Minimum free float: 15%
Track record: 5 years
Profit required: Yes
Minimum shareholders: 300
Lock-up: Not specified

Regulation on the Exchange Quotation List (new edition 23 December 2024, amended 5 May 2026), Annex 3: equity of UZS 15bn or more (about USD 1.2m); more than 5 years as a joint-stock company; free float from 15%; IFRS reporting and audit; internal audit and corporate governance unit; governance code approved by the AGM; at least 300 shareholders; net profit each year of at least 10% of charter capital; dividends of at least 30% of net profit annually for the last 3 years; independent board member; market maker or trades on 70% of trading days; ROA above 0.1, current ratio above 2, equity ratio above 0.5. Since May 2026 the exchange board may admit dual-listed companies to Premium without full compliance.

Stock Market - Standard category

Minimum market capitalisation: Not specified
Minimum free float: Not specified
Track record: Not specified
Profit required: Yes
Minimum shareholders: 30
Lock-up: Not specified

Annex 3-1: charter capital of UZS 500m or more (about USD 40,000); no minimum operating history (documents for 2 years, or the last year or quarter for younger issuers); positive financial result for the last completed year or quarter; at least 30 shareholders; corporate website; ROA above 0.1, current ratio above 2, equity ratio above 0.5. Maintenance: at least 100 trades a year and free float of at least 1% (not applied after an IPO/SPO on the exchange). A Transit category exists for companies, including SMEs, that do not meet main category requirements (positive result and website only), and a Privatisation category for state stakes sold on the exchange.

Foreign issuers

The Stock Market segment covers shares of Uzbek residents and foreign securities included in foreign stock indices; non-resident securities are admitted as provided by law (depositary receipts within Cabinet of Ministers quotas, securities of IOSCO-member-country issuers, international financial organisations, foreign index stocks, ETFs). Non-residents may disclose in English with an Uzbek or Russian translation. The quotation list rules contain no explicit 10-year incorporation, non-financial-company or rating test for foreign issuers. Dual listing was defined in May 2026; UzNIF began trading on LSE and UZSE on 18 May 2026 (about USD 1.95bn valuation, GDRs at USD 25).

Cost drivers

Listing fee for Premium and Standard shares: 30 BRV (base calculation value) pro rata for inclusion plus 30 BRV for the listing period, or 15 BRV per quarter (Annex 5).

Recent changes

New edition of the Regulation on the Exchange Quotation List approved 23 December 2024; amendments of 5 May 2026 added dual listing and secondary (unsponsored) listing definitions, Premium admission for dual-listed companies and wider foreign securities. Capital markets regulated by NAPP since September 2023 (still the regulator in 2026).

Strengths

Low entry thresholds in Standard and Transit for domestic and SME issuers
Fast-growing market with state privatisation pipeline
New dual-listing framework (2026) proven by UzNIF London + Tashkent IPO

Watch-outs

Admission of foreign issuers is limited to cases set by law and quotas
Premium is demanding: 5 years as JSC, annual profit of 10% of charter capital and dividend history
Low liquidity outside a few large names

Sources

Requirements change. Always confirm with the exchange and the regulator before making decisions.

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Information on this site is educational. It is not investment advice, an offer of securities or financial advice. Exchange requirements change; always check the primary sources. Full disclaimer