Uzbekistan's largest private logistics group, Centrum Holding, is planning an initial public offering (IPO) in London, targeting the first quarter of 2027. The company expects to raise approximately $600 million through the sale of around 30% of its shares, with the holding company valued at $2 billion. Oppenheimer and Citibank have been reported as underwriters for the IPO, supporting Centrum's ambition to scale its business and attract international investors.
Centrum, founded in 2019 as an air cargo carrier, has rapidly expanded its operations, now encompassing cargo and passenger airlines, a travel company, logistics centers, ports, and a railway fleet. The group reported $1 billion in revenue in 2025 and employs 5,000 people. It controls over 40% of Uzbekistan's air cargo market and around 30% of passenger aviation, with plans to increase its passenger market share to 50% within the next year. The company's expansion strategy, dubbed "Building a Modern Silk Road," focuses on growing its ground logistics business as transit shipments through Uzbekistan surge.
Centrum plans to invest over $100 million in 2026-2027, with more than half of this funding sourced from financial institutions and industry partners. These investments will support the expansion of its network of multimodal cargo terminals along the Middle Corridor, which connects China and Europe via Central Asia and the Caucasus. The company also intends to increase its rail-wagon and truck fleets, develop freight ferry services across the Caspian Sea, and expand its aviation fleet from 30 to 40 aircraft by the end of this year, reaching 65 by the end of next year, and 100 by 2029.
