Uzbekistan's Centrum Holding planning IPO in London in next few years

TASHKENT. July 10 (Interfax) - The large private Uzbek logistics group Centrum Holding is preparing to go public (IPO) within the next one to two years, with the company considering the London Stock Exchange (LSE) as its primary platform for the offering, the founder and CEO of the company Abdulaziz Abdurakhmanov said.

"We aim to be IPO-ready within the next year or two. We see it primarily as an opportunity to bring in investors who can help us scale the business," Abdurakhmanov said in an interview with Bloomberg.

Centrum plans to expand its network of multimodal cargo terminals along the Middle Corridor (the Trans-Caspian International Transport Route), increase its fleet of railway cars and trucks, and develop ferry cargo transportation across the Caspian Sea.

The company expects investments to exceed $100 million in 2026-2027, with more than half of this amount to be raised from financial institutions and industry partners.

According to Uzbek media, the U.S. investment company Oppenheimer and Citibank signed an agreement in February to support Centrum Holding's IPO. At that time, representatives of Oppenheimer said that they expected to conduct the offering with a company valuation of around $2 billion and raise approximately $600 million through the sale of around 30% of shares. In addition to preparing for an IPO, the holding is also considering entering the international debt market with a debut issue of Eurobonds.

Centrum Holding was founded in 2019 as a cargo air carrier operator. Currently, the group combines cargo and passenger airlines, tourism business, logistics centers, a railway fleet, terminals and port infrastructure. At the end of 2025, the holding's revenue reached $1 billion, and the number of employees was approximately 5,000 people. According to the company, 63% of the group's revenue comes from the logistics business (air and ground cargo transportation), and another 30% from passenger air transportation. The remaining 7% is generated by other business lines.

The company controls over 40% of the air cargo transportation market in Uzbekistan and around 30% of passenger air transportation. Within the next year, Centrum expects to increase its share in the passenger segment of the market to 50%.

Centrum Holding manages the largest dry port in Uzbekistan, with an area of 46 hectares, and is building a new logistics complex with an area of 83 ha next to Tashkent's future international airport. The company is already the largest operator of container railway platforms in Uzbekistan and intends to increase its fleet of tank cars to 3,000 units, becoming the largest player in this segment as well.