Privatization of state-owned enterprises in Uzbekistan: challenges and opportunities through ipo/spo mechanisms

Sung Tae , Kyun, Sung Tae , Kyun, Sung Tae , Kyun

Иқтисодий тараққиёт ва таҳлил · 2025-yil

Annotatsiya

This study explores the privatization of state-owned enterprises (SOEs) through Initial Public Offerings (IPO) and Secondary Public Offerings (SPO), with a focus on Uzbekistan's evolving capital market. Drawing on international experiences from countries such as Korea, China, India, and Turkey, the research highlights how SOE listings can enhance corporate governance, attract foreign investment, increase transparency, and stimulate overall economic development. The article analyzes Uzbekistan’s current market environment, including government-led reforms, investor base limitations, weak listing infrastructure, and challenges in disclosure and corporate governance. While recent initiatives demonstrate a strong governmental push for IPOs of major SOEs, the study identifies systemic barriers such as insufficient institutional investors, underdeveloped underwriting practices, and a lack of market awareness among retail investors. The paper concludes with actionable recommendations, including phased IPO implementations, capacity building for investment banks, strengthening disclosure practices, and fostering public interest in equity investment. The findings aim to support Uzbekistan’s strategic transition from a state-led to a market-oriented economy through sustainable and well-managed privatization programs.

Maqola ma’lumotlari
MualliflarSung Tae , Kyun, Sung Tae , Kyun, Sung Tae , Kyun
JurnalИқтисодий тараққиёт ва таҳлил
NashriyotЎзбекистон иқтисодиётини ривожлантиришнинг илмий-тадқиқот маркази
ISSN2992-877X
Nashr sanasi2025-05-30
Jild3
Son5
Betlar181-194
TilIngliz
Ilmiy sohaIqtisodiyot
DOI10.60078/2992-877x-2025-vol3-iss5-pp181-194
Indeksga qo‘shilgan2026-08-27

DOI: 10.60078/2992-877x-2025-vol3-iss5-pp181-194 · Maqolaning asl sahifasi

Kalit so‘zlar

state-owned enterprises (SOEs), privatization, initial public offering (IPO), secondary public offering (SPO), capital market development, corporate governance, Uzbekistan economy, stock exchange reform, foreign investment, retail investors, public sector reform, transparency and disclosure, market infrastructure, государственные предприятия (ГП), приватизация, первичное публичное размещение акций (IPO), вторичное публичное размещение акций (SPO), развитие фондового рынка, корпоративное управление, экономика Узбекистана, реформа фондовой биржи, иностранные инвестиции, розничные инвесторы, реформа государственного сектора, прозрачность и раскрытие информации, рыночная инфраструктура, davlat korxonalari (SOEs), xususiylashtirish, boshlang‘ich ommaviy taklif (IPO), ikkilamchi ommaviy taklif (SPO, kapital bozorini rivojlantirish, korporativ boshqaruv, O‘zbekiston iqtisodiyoti, fond birjasi islohoti, xorijiy investitsiyalar, chakana investorlar, davlat sektori islohoti, oshkoralik va axborot berish, bozor infratuzilmasi

Ilmiy soha

Iqtisodiyot

Iqtibos keltirish

APASung Tae , Kyun, Sung Tae , Kyun, & Sung Tae , Kyun (2025). PRIVATIZATION OF STATE-OWNED ENTERPRISES IN UZBEKISTAN: CHALLENGES AND OPPORTUNITIES THROUGH IPO/SPO MECHANISMS. Иқтисодий тараққиёт ва таҳлил, 3(5), 181-194. https://doi.org/10.60078/2992-877x-2025-vol3-iss5-pp181-194
GOST (OAK)Sung Tae , Kyun, Sung Tae , Kyun, Sung Tae , Kyun PRIVATIZATION OF STATE-OWNED ENTERPRISES IN UZBEKISTAN: CHALLENGES AND OPPORTUNITIES THROUGH IPO/SPO MECHANISMS // Иқтисодий тараққиёт ва таҳлил. – 2025. – T. 3, № 5. – P. 181-194. – DOI: 10.60078/2992-877x-2025-vol3-iss5-pp181-194.
MLASung Tae , Kyun, Sung Tae , Kyun, and Sung Tae , Kyun. “PRIVATIZATION OF STATE-OWNED ENTERPRISES IN UZBEKISTAN: CHALLENGES AND OPPORTUNITIES THROUGH IPO/SPO MECHANISMS.” Иқтисодий тараққиёт ва таҳлил, 3(5), 181-194, 2025. https://doi.org/10.60078/2992-877x-2025-vol3-iss5-pp181-194
ChicagoSung Tae , Kyun, Sung Tae , Kyun, and Sung Tae , Kyun. “PRIVATIZATION OF STATE-OWNED ENTERPRISES IN UZBEKISTAN: CHALLENGES AND OPPORTUNITIES THROUGH IPO/SPO MECHANISMS.” Иқтисодий тараққиёт ва таҳлил, 3(5), 181-194 (2025). https://doi.org/10.60078/2992-877x-2025-vol3-iss5-pp181-194
HarvardSung Tae , Kyun, Sung Tae , Kyun, and Sung Tae , Kyun (2025) ‘PRIVATIZATION OF STATE-OWNED ENTERPRISES IN UZBEKISTAN: CHALLENGES AND OPPORTUNITIES THROUGH IPO/SPO MECHANISMS’, Иқтисодий тараққиёт ва таҳлил, 3(5), 181-194. https://doi.org/10.60078/2992-877x-2025-vol3-iss5-pp181-194
BibTeX
@article{sungtaekyun2025,
  title = {PRIVATIZATION OF STATE-OWNED ENTERPRISES IN UZBEKISTAN: CHALLENGES AND OPPORTUNITIES THROUGH IPO/SPO MECHANISMS},
  author = {Sung Tae , Kyun and Sung Tae , Kyun and Sung Tae , Kyun},
  journal = {Иқтисодий тараққиёт ва таҳлил},
  year = {2025},
  volume = {3},
  number = {5},
  pages = {181-194},
  doi = {10.60078/2992-877x-2025-vol3-iss5-pp181-194},
  url = {https://doi.org/10.60078/2992-877x-2025-vol3-iss5-pp181-194}
}

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