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 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 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.