UZNIF Fund Conducts the Largest IPO in Uzbekistan's History
Economy
The debut of the National Investment Fund of Uzbekistan (UZNIF) on the London Stock Exchange became an unprecedented milestone, demonstrating record-breaking global capital interest in the republic's reforms. Investor demand exceeded the offer by more than four times, turning this listing into the largest IPO in the country's history and a clear symbol of transition toward an open, competitive, and globally integrated economy.
On May 18, a formal ceremony marking the launch of trading in UZNIF shares and Global Depositary Receipts (GDRs) took place in London. Saida Mirziyoyeva, Head of the Presidential Administration, attended the event. She emphasized that this milestone reflects a profound transformation in how the country's economy thinks and operates. According to her, while nine years ago Uzbekistan remained largely closed, today it is building a highly competitive market. This IPO is, above all, about fostering trust in a new generation of domestic institutions. The country's future plans also include expanding private sector participation and establishing the Tashkent International Financial Center.
The global investment giant Franklin Templeton acted as the fund's trustee and manager. The corporation's CEO, Jenny Johnson, called the placement a defining and historic milestone that confirms strong international investor confidence in the pace of ongoing reforms. The order book was oversubscribed more than four times, with total demand exceeding $2.8 billion. Within the IPO framework, the Ministry of Economy and Finance offered 31% of the fund's capital, raising approximately $603.6 million. Including the over-allotment option, the total amount raised could grow to $692 million (35% of shares), while the final market capitalization stood at $1.95 billion. Concurrently, trading commenced on the Tashkent Stock Exchange, allowing Uzbek citizens to directly invest in their country's future.
This placement became the largest IPO in Uzbekistan's history, vastly surpassing previous listings such as UzAuto Motors and Uzbektelecom. UZNIF's portfolio, with a net asset value of $2.44 billion as of December 31, 2025, consolidates minority stakes in 13 of the country's largest state-owned enterprises, including Uzbekistan Airways, Uzpromstroybank, and Uzbekinvest. The fund serves as a vital mechanism to prepare the state sector for public markets. According to approved government strategies, individual IPOs for six key companies within the fund's portfolio are scheduled by the end of 2028:
Uzbekistan Airways
National Electric Networks
Uzbektelecom
Uzbekhydroenergo
Regional Electric Networks
Hududgaztaminot
The global investment giant Franklin Templeton acted as the fund's trustee and manager. The corporation's CEO, Jenny Johnson, called the placement a defining and historic milestone that confirms strong international investor confidence in the pace of ongoing reforms. The order book was oversubscribed more than four times, with total demand exceeding $2.8 billion. Within the IPO framework, the Ministry of Economy and Finance offered 31% of the fund's capital, raising approximately $603.6 million. Including the over-allotment option, the total amount raised could grow to $692 million (35% of shares), while the final market capitalization stood at $1.95 billion. Concurrently, trading commenced on the Tashkent Stock Exchange, allowing Uzbek citizens to directly invest in their country's future.
This placement became the largest IPO in Uzbekistan's history, vastly surpassing previous listings such as UzAuto Motors and Uzbektelecom. UZNIF's portfolio, with a net asset value of $2.44 billion as of December 31, 2025, consolidates minority stakes in 13 of the country's largest state-owned enterprises, including Uzbekistan Airways, Uzpromstroybank, and Uzbekinvest. The fund serves as a vital mechanism to prepare the state sector for public markets. According to approved government strategies, individual IPOs for six key companies within the fund's portfolio are scheduled by the end of 2028:
Uzbekistan Airways
National Electric Networks
Uzbektelecom
Uzbekhydroenergo
Regional Electric Networks
Hududgaztaminot
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