Annotation: as a result of the reforms carried out today in order to attract international and local consultants or organizations for the sale of state assets and further improve the competitive environment, according to the relevant decision and assignments of the state commission for the privatization of state assets and coordination of privatization processes, in the last three years the state share of the Taking into account this, this article explores the existing problems in the development of reforms carried out in order to establish constant control over the course of the implementation of the schedules for attracting foreign investors to Joint-Stock Companies and to implement the processes of privatization of state-owned objects on the principles of openness and transparency, legality, to create equal conditions.

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.

Transparency plays a key role in the IPO process of public companies, as it ensures investor confidence and stimulates capital inflows. This research work aims to analyze the importance of transparency in the context of privatization of public assets through IPO. Particular attention is paid to the role of transparency in minimizing risks for investors and increasing the efficiency of investment. Based on an analysis of literature and practical cases, the study reveals the relationship between the level of transparency and the success of IPOs of state-owned companies, and also offers recommendations for improving mechanisms for ensuring transparency in the privatization process. The results of the study can be useful for both government agencies and financial market participants, helping to improve the quality of the IPO process and increase confidence in the investment environment.

The article examines the concept and essence of investment lending and project
financing, foreign experience of banks in financing investment projects. It is known that financing
large enterprises in the country contributes to GDP growth and sustainable economic
development. Today, Uzbekistan pays great attention to improving the financial and banking
sector, banks with a state share are on the way to privatization. International financial
institutions such as the International Finance Corporation (IFC), the European Bank for
Reconstruction and Development (EBRD) and the Asian Development Bank (ADB) are involved in
the process of privatization of the banking sector. In this study, the possibilities of applying foreign
experience in financing investment projects were studied

This article analyzes the formation of the banking system of the Republic of Uzbekistan, its evolutionary development stages, and prospects in the context of modern economic reforms. The study provides a detailed overview of the transformation of the banking system during the years of independence, particularly the fundamental reforms carried out in the period after 2017, the privatization of banks, and digital transformation. Macroeconomic factors ensuring the stability of the banking system, capital adequacy, and asset quality are analyzed based on statistical data. The article also discusses issues of liberalization of the banking services market, cooperation with international financial institutions, and the introduction of modern fintech technologies into the sector. As a resul, of the study, scientific and practical proposals and recommendations for the further development of the banking system of Uzbekistan have been developed, aimed at increasing the competitiveness of the industry.

This article analyzes the main directions for fundamentally improving the investment climate in Uzbekistan. In particular, it emphasizes the importance of such factors as strengthening and stabilizing the legislative framework, providing reliable guarantees of investors’ property rights, combating corruption, and reducing administrative barriers. It also examines issues related to offering tax and customs benefits, deepening public-private partnership (PPP) and privatization processes, modernizing transport and energy infrastructure, training qualified personnel, pursuing digital transformation, and expanding international trade cooperation. It is noted that comprehensive and consistent measures in these areas constitute one of the key prerequisites for enhancing the business environment in Uzbekistan, increasing trust among both foreign and local investors, as well as ensuring economic growth and the welfare of the population.

This article evaluates the role of private property in the development of the national economy of Uzbekistan, examines the status of private sector entities, development trends, and conducts a comparative analysis of their investment activity. The article investigates the principles, characteristics, and implementation stages of privatization of state property in the country, as well as the content, structure, and improvement of economic reforms aimed at supporting the sector. It also explores the factors of private property development, prospects for structural development, and provides scientific proposals and practical recommendations focused on ensuring sustainable economic development through the digitalization of small businesses and private entrepreneurship.

The article considers marketing strategy issues in improving and developing appraisal activities. The essence of marketing in the appraisal services market is revealed. The main task of the marketing strategy for the development of appraisal activities is formulated to satisfy the components of the concept of modern marketing of the appraisal services market development. The main factors for improving appraisal activities are formulated. The main components of asset promotion from sellers to buyers and their relationship with appraisal services are shown. The ways of improving advertising activities in the appraisal services market are shown.

This article examines the foreign experience in the formation of private property relations and highlights their distinctive features.

This paper applies multivariate econometric modeling methods to evaluate and forecast enterprise asset indicators in the Republic of Uzbekistan. The case study focuses on “Grant Thornton Valuation” LLC, where revenues from privatization serve as the dependent variable. Explanatory variables include the number of contracts, the number of valuation reports, the number of privatized objects, as well as the number of issued certificates and licenses. The model’s reliability was tested using descriptive statistics, correlation analysis, VIF, and ADF tests, followed by forecasting. The results provide practical insights for analyzing enterprise performance and projecting future trends.

This article examines the trends in the processes of the initial public offering (IPO) in world practice conducted in 1995-2023. The dynamics of the number of IPO processes conducted in world stock markets and funds raised on this basis are studied. Based on the study of the experience of large consulting companies, investment banks, the factors of ensuring the fair value of national companies in IPO processes are presented, as well as proposals and recommendations for the effectiveness of IPO processes.

This article examines the experience of countries such as the USA, Great Britain, Spain, in the practice of implementing ESOP in business entities, analyzes the state of implementation of this system in Uzbekistan and, based on best practices, provides suggestions and recommendations to accelerate the implementation of ESOP in joint-stock companies with a state share of 50 percent or more.

The article discusses the types of share prices and methods of determining them using various approaches.

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.

The article discusses the importance of assessing the cost approach in the
process of privatization of commercial banks and estimates the cost of banks based on the methods
of this approach. The article discusses the prospects for using the method used in international
practice in the cost approach in our country, and also uses methods of analysis and synthesis,
comparative and sampling research, and grouping in research