The National Investment Fund of Uzbekistan (UzNIF) has listed its shares on the London Stock Exchange (LSE) for the first time, marking the largest initial public offering (IPO) in the country’s history, Gazeta.uz reports.
Demand for UzNIF shares reportedly was four times higher than supply, demonstrating a high level of interest from global investors in Uzbekistan’s economic reforms and market opening.
On May 18, an official ceremony of the start of trading of shares and global depositary receipts (GDR) took place in London. The event was attended by the Head of the Presidential Administration, Saida Mirziyoyeva, who noted that this event reflects the transformation of the country’s economic system.
“The participation of major international investors in our IPO, including BlackRock, Franklin Resources, Redwheel, and many others, is compelling evidence of the international community’s trust in our course, potential, and future,” Mirziyoyeva wrote in her Telegram channel.
The fund’s trustee was the international investment company Franklin Templeton. The head of the corporation, Jenny Johnson, called the listing a historic event, confirming investors’ trust in the reforms. The order book for the shares was oversubscribed by more than four times: total demand exceeded $2.8 billion.
As part of the IPO, the state, through the Ministry of Economy and Finance, offered 31% of UzNIF’s capital, with the total funds raised through the international listing amounting to approximately $603.6 million. If the over-allotment option (35% of the shares) is exercised, the sum could rise to $692 million, and the fund’s market value was $1.95 billion. Simultaneously, trading also started on the Tashkent Stock Exchange, allowing citizens to directly invest in state assets.
This listing significantly surpassed previous large IPOs in the country, such as UzAuto Motors and Uzbektelecom. By the end of 2025, the fund’s net asset value was $2.44 billion. UzNIF’s portfolio includes stakes in 13 major state companies, such as Uzbekistan Airways, Uzpromstroybank, and Uzbekinvest.
The fund serves to prepare the public sector for market operations. According to the strategy, by the end of 2028, separate IPOs are planned for six key companies in the portfolio:
- Uzbekistan Airways
- National Electric Grids
- Uzbektelecom
- Uzbekhydroenergo
- Regional Electric Grids
- Khududgaztaminot
