Uzbekistan’s Tech Pioneer Expands IPO Considerations
Uzum, the fintech and e-commerce platform that became Uzbekistan‘s first unicorn startup, has reportedly added London to its list of potential stock exchange destinations for its planned initial public offering. According to reports from Reuters, the Tencent-backed company is evaluating multiple global financial hubs for its anticipated 2027 listing.
Global Financial Centers Under Consideration
Sources indicate that alongside the newly-considered London option, Uzum is evaluating New York’s Nasdaq, Abu Dhabi – where it maintains an existing presence – and Hong Kong. The company co-founder Nikolay Seleznev reportedly stated in an interview that Hong Kong has shown particular interest following Tencent‘s investment involvement.
Analysts suggest the company’s valuation of $1.5 billion positions it as a significant player in Central Asian technology markets. The reported $70 million equity financing round in August, led by Tencent and U.S. firm VR Capital, has reportedly generated additional investor interest from Middle Eastern and British institutions.
Strategic Market Positioning
According to the report, Seleznev indicated that while Tashkent would be the “ideal” location for the IPO, considerations about liquidity and available investor base have prompted the company to look internationally. The report states that Uzum would “definitely be considering the FTSE 100” if selecting the London Stock Exchange, though sources indicate it’s too early to comment on target pricing.
The company’s remarkable growth trajectory since its 2022 founding reportedly includes serving 17 million Uzbek residents monthly. Industry observers suggest this demonstrates the substantial market potential within Uzbekistan, which with approximately 37 million people represents the second most populous former Soviet state after Russia.
Regional Economic Context
Economic analysts point to Uzbekistan’s reform program under President Shavkat Mirziyoyev as creating favorable conditions for foreign investment. The report suggests that investor conversations have focused not only on Uzum’s potential but on Uzbekistan’s broader economic opportunities.
Seleznev reportedly emphasized the company’s strategy of dominating its home market before pursuing geographical expansion, telling Reuters: “We want to properly win and dominate the home market, to demonstrate to potential partners that we’re capable of building a system that would outperform not only here, but somewhere else.”
This coverage is based on reporting from Reuters news agency and follows developing business stories across global markets including technology innovations, market sentiment indicators, and sector-specific rallies affecting international investment landscapes.
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