Reuters reports that Uzbek startup Uzum, the largest player in the fintech and e-commerce sector in Uzbekistan, is considering listing on the London Stock Exchange. This was announced in an interview with the agency by the company’s co-founder Nikolai Seleznyov.
According to him, London has been added to the list of potential venues for an IPO, alongside the Nasdaq (New York), Abu Dhabi, and Hong Kong exchanges, where interest in Uzum has grown following investments by Chinese company Tencent.
Founded in 2022, Uzum quickly became Uzbekistan’s most valuable startup, valued at $1.5 billion. In August, the company raised $70 million in equity capital from Tencent and the American fund VR Capital, becoming the first “unicorn” (startup unicorn) in the country’s history. Currently, about 17 million Uzbeks use Uzum’s services every month.
Seleznyov noted that the initial public offering (IPO) is planned for 2027, but it is too early to discuss a specific target valuation.
“If we were to go public on the London Stock Exchange, we would definitely consider the FTSE 100,” he said.
During the latest round of funding, Uzum also attracted the attention of investors from the UK and the Middle East. According to Seleznyov, many of them are interested not only in the company itself, but also in the economic potential of Uzbekistan, which in recent years has been actively pursuing reforms under the leadership of President Shavkat Mirziyoyev, opening the country to international investment.
Seleznyov explained that Uzum is considering a foreign IPO due to liquidity and investor base structure issues that affect the company’s valuation. At the same time, he stressed that strengthening its position in the domestic market remains a priority:
“We are not seeking overly rapid geographical expansion. First, we want to truly conquer and dominate Uzbekistan to prove that we are capable of building a system that is competitive on a global level,” he said.
Thus, as Reuters notes, Uzum is not just a fast-growing fintech startup, but a symbol of a new wave of technological development in Uzbekistan, demonstrating the growing confidence of international investors in the country’s economic reforms.
