KYIV, September 28. /Dunyo IA/.    Initial public offering (IPO) of shares in the state-owned airline Uzbekistan Airways has been postponed until 2027, reports Dunyo IA correspondent, citing with the Ukrainian information portal “Fixygen”.

Company had previously planned to offer 15–20% of its shares in the second half of 2026. Work is currently underway on the transformation of “Uzbekistan Airways” and preparations for its entry into the stock market.

A recovery programme comprising 115 initiatives has been developed for the airline. It provides for enhancing operational efficiency, improving commercial activities and passenger service, as well as introducing international standards of corporate governance and engagement with investors.

According to estimates, following implementation of the programme, the potential valuation of “Uzbekistan Airways” could increase from $1.6 billion to $2.3 billion. At the same time, the final capitalization will depend on investor interest, the company’s financial and operational performance and the effectiveness of the ongoing transformation.

According to open-source data, Uzbekistan Airways generated revenue of 18.3 trillion soums (approximately $1.5 billion) in 2025, an increase of 4.3% compared with 2024.