Exchange options
The table summarises the venues most often considered by Uzbek companies. Requirements are taken from the exchange profiles on this site and should be checked against the edition of the rules in force at the time of filing.
| Exchange | Where | Segment to start | What is required |
|---|---|---|---|
| UZSE (Tashkent) | Tashkent (regulator NAPP) | Standard category; Premium for mature issuers | Standard: charter capital from UZS 500 million, positive result for the last year or quarter, 30 shareholders, corporate website. Premium: equity from UZS 15 billion, more than 5 years as a JSC, free float 15%, IFRS audit, 300 shareholders, annual net profit of at least 10% of charter capital and a dividend history. |
| LSE Main Market | London (regulator FCA) | ESCC category (shares or GDRs) | Expected market value from GBP 30 million, free float 10%, an FCA-approved sponsor, prospectus with 3 years of audited accounts. A third-country company generally needs a listing at home or where most of its shares trade. |
| AIX | Astana, AIFC (regulator AFSA) | Regional Equity Market Segment (REMS) or Main Market | REMS for issuers below USD 200 million: 1 year of audited accounts, no profit test, free float 10%. Main: market value from USD 1 million, 3 years of accounts and at least one profitable year (waivable). |
| Nasdaq Dubai | Dubai, DIFC (regulator DFSA) | Growth Market or Main Market | Growth: below USD 250 million, 1 year of audited accounts, free float 25%, 12-month lock-in for pre-listing shareholders. Main: from USD 250 million, 3 years of IFRS accounts, 250 shareholders. |
Typical structures
The UzNIF transaction showed the model that Uzbek regulators and international banks can now execute: a domestic listing in Tashkent combined with global depositary receipts admitted in London. The issuer keeps the local investor base and the link to the national market while international funds buy a familiar instrument.
Private groups sometimes consider a holding company abroad, in the AIFC, ADGM or DIFC, which then lists on AIX or Nasdaq Dubai. This route changes the legal centre of the group, so it raises questions of currency regulation, tax and investment protection that must be answered in Uzbekistan first.
- Domestic JSC on UZSE: the shortest path, with low thresholds in the Standard category.
- UZSE plus GDRs in London: the UzNIF model, suitable for large issuers and privatisation assets.
- Holding in a financial centre listed on AIX or Nasdaq Dubai: common law and USD trading, but more restructuring.
The home exchange: UZSE
The Republican Stock Exchange Tashkent has three main categories. Standard and Transit have low thresholds and suit domestic companies, including SMEs. Premium is demanding: five years as a joint stock company, annual profit linked to charter capital, regular dividends and ratio tests. Since May 2026 the exchange board may admit dual-listed companies to Premium without full compliance with these conditions.
Liquidity outside a few large names remains low, and a state privatisation pipeline is one of the main sources of new listings. For a private issuer the domestic listing is often the first step that creates a public price and a track record of disclosure before an international offering.
What to verify in Uzbekistan
- Rules on issuing depositary receipts on shares of an Uzbek company, including any quotas or approvals set by the Cabinet of Ministers.
- Currency regulation for receiving proceeds abroad, holding foreign currency and paying dividends to non-residents.
- Whether the transfer of shares of the operating company to a foreign holding needs registration, notification or consent.
- Sector rules where state participation or strategic status may limit the share that can be sold to foreign investors.
- Language and disclosure requirements: non-residents may disclose in English with a translation into Uzbek or Russian on UZSE.
A practical order of steps
- Convert the operating company into a JSC if needed and start IFRS audits.
- Decide whether the first listing is in Tashkent or a simultaneous dual listing.
- Obtain a local opinion on currency control, depositary receipts and transfers of shares.
- Choose the international venue by size: London for large offerings, AIX or Nasdaq Dubai Growth for mid-size issuers.
- Build a disclosure system that works in two languages and two regulatory calendars.