Tashkent Stock Exchange is ready for IPO but modernization is necessary
The Tashkent Stock Exchange of the Republic of Uzbekistan is technically ready to conduct an IPO for the domestic market, but the platform's infrastructure needs modernization. This was reported by Zamin.uz.
This was announced by Fayzulla Toshov, acting chairman of the stock exchange management, at the “Uzbekistan and International Equity Capital Markets 2025” conference held in Tashkent on November 12–13. During the conference, the moderator, EUROUZ Secretary General Oybek Shaykhov, asked about the preparation process for listing the shares of the National Investment Fund (UzNIF) on the exchange by the end of 2026.
According to Toshov, the current stock exchange system is ready to conduct an IPO for the domestic market, but there is a need to update the platform. He emphasized that the infrastructure must be developed to meet the demands of international investors.
Fayzulla Toshov announced that a “roadmap” for modernizing the technical capabilities of the exchange has been approved. Currently, the system provided by the Korea Exchange is operational, but due to changes in the capital market, new technological solutions are required.
According to Toshov, the modernization of the infrastructure is planned with 99.9 percent accuracy. The main elements of the stock market – the central depository, brokerage platforms, clearing, and control systems – are also actively functioning.
However, all of them need to be updated. Toshov emphasized that they are mentally and materially prepared for this.
He also noted that special attention is being paid to reducing risks for investors and increasing transparency in corporate governance. Toshov reported that a list of risks in the activities of the depository and the exchange has been compiled and active work is being carried out on them.
According to him, the coming year will be an important turning point not only for the stock exchange but for the entire capital market infrastructure. The modernization work is planned to be completed by the end of 2024.
