Thinking About an IPO in Central Asia? Here's What Investors Will Check First
If you run a growing company in Tashkent, Almaty or Baku, the IPO question has probably come up this year. It's a fair question, because the market has moved quickly.
In May, Uzbekistan's National Investment Fund listed in London and Tashkent. It raised about $692 million, and the offer was more than four times oversubscribed. Kazakhstan's national railway, KTZ, has filed in Hong Kong and plans to list in London and Kazakhstan too. Marius Dan, Central Asia CEO at Templeton Global Investments, says the fund's listing should "pave the way for very attractive private businesses" over the next few years.
So could your company be next? Possibly. But investors are getting pickier. In Montfort Eurasia's 2026 survey of 273 UK and US investors, about two-thirds said they were interested in the region. The report says they have moved on to "deliberation". They know where Central Asia is. Now they want proof.
Here are the four things they'll check first.
Can they trust your numbers?
The same survey found that financial analysis has overtaken international media as investors' leading source of information on the region. So your accounts are your first impression. Expect to need audited IFRS statements, usually covering three years. If your books were built for the tax office, start here. Nothing else moves until this is done.
Who can say no to the owner?
Public investors want independent directors who can push back, and a clear line between the owner's money and the company's. Uzbekistan's fund has been changing boards across its portfolio. At 11 of its 13 companies, independent directors and Franklin Templeton representatives now form the majority. If your board is mostly family and friends, that's the gap investors will see.
What is the money for?
Selling existing shares only changes who owns the company. Issuing new shares pays for something. KTZ's offering is proposed as new shares only, with all the money staying in the company. Be ready to say exactly what you'll build, what it costs and when it pays back.
What could go wrong?
Investment security was a concern for 72.3% of the UK investors surveyed and 64.7% of the US investors. They'll ask about currency risk, how disputes get settled and how they get their money out. Have honest answers ready before anyone asks.
Give yourself time
Uztelecom is the most advanced candidate in Uzbekistan's pipeline. It already trades in Tashkent, and preparing it for an international listing still means assessing its financial reporting, governance and operational readiness. If you're starting from local accounts, think in years rather than months.
An IPO also doesn't have to be your first step. In May, Aloqabank, which describes itself as one of Uzbekistan's leading mid-sized banks, raised $300 million with its first Eurobond, and orders topped $1 billion. A bond, a private placement or a strategic investor can all build your record with outside capital. The preparation is largely the same, and it pays off whichever route you take.
Ardmore Capital has advised companies and financial institutions across the CIS, Caucasus and Central Asia since 1998. If you would like a candid read on how your company would look to public-market investors, request a Financeability Evaluation.
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