Uzum Plans US$300 Million Eurobond Issue in 2026

Tashkent, Uzbekistan (UzDaily.com) — Uzum is planning its debut Eurobond issue worth US$300 million in the first half of 2026, Bloomberg reported, citing the company’s co-founder and Chief Strategy and Business Development Officer, Nikolay Seleznev.

The company has also begun preparing for a potential initial public offering (IPO) in 2027, with Hong Kong, Abu Dhabi, and the U.S. Nasdaq exchange being considered as possible venues.

In March, Uzum issued its first bonds worth 300 billion soums on the Republican Stock Exchange “Tashkent” with the participation of broker Alkes. The unsecured bond issuance targeted institutional investors, with the largest tranche acquired by a private bank.

However, according to Seleznev, the local stock market cannot fully support the company’s ambitious financing plans. “Trading volumes on the Tashkent Stock Exchange still do not match the country’s ambitions. Therefore, we are considering other sources,” he said.

Co-founder and head of the Uzum group of companies, Jasur Jumayev, stated at the Tashkent International Investment Forum that the company plans to increase liquidity in the medium term. This could be achieved through various formats, including an IPO, strategic partnerships, or creating a global alliance with major regional companies.

“Regarding liquidity initiatives, you may see such actions within the next 2–3 years. I would be glad to conduct an IPO; it is my dream,” Jumayev added.

In August, Uzum attracted US$70 million in investments from the Chinese holding Tencent (owner of WeChat) and the international investment fund VR Capital. For Tencent, this marks its first technology investment in a company from Uzbekistan. After the funding round, Uzum’s ecosystem valuation reached approximately US$1.5 billion.

The raised capital will be directed toward developing fintech infrastructure, expanding the product range, creating digital e-commerce solutions, and strengthening Uzum’s position in the online commerce and financial technology markets.