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.

The article analyzes the current state of financing of joint stock companies through IPOs and the sale of shares through SPOs. The economic history of Uzbekistan presents the results of 7 public offerings (IPO/SPO) of enterprises Quartz JSC, Kokand Mechanical Plant JSC, Jizzakh Plastics JSC, UzAuto Motors JSC, Uzbekinvest JSC, Uzbektelecom JSC, achievements and problems in this regard. Appropriate conclusions were drawn on the topic and proposals were made.

This scientific article analyzes the theoretical foundations, economic mechanisms, and institutional aspects of supporting the participation of state-owned enterprises in financial markets. Based on empirical and statistical data, the study demonstrates that the participation of state-owned enterprises in capital markets contributes to increasing market liquidity, attracting long-term investment resources, and reducing the burden on the state budget. In particular, the role of the public sector in capital markets is revealed through the analysis of IPO and SPO activities as well as corporate bond issuance dynamics. The research findings indicate that supporting the participation of state-owned enterprises in financial markets is a key factor in strengthening financial stability, developing market infrastructure, and ensuring the long-term growth of the national economy.

In this article, the approaches of various researchers on the activities, characteristics, issuance of securities, etc. of state-owned companies in the study of issues of assessing the value and profitability of the stocks of state-owned companies are studied. Methods and directions for assessing the value and profitability of stocks of state-owned companies are analyzed. Relevant conclusions are developed based on the study of issues of assessing the value and profitability of stocks of state-owned companies.