The National Investment Fund of Uzbekistan (UzNIF) successfully launched its landmark initial public offering (IPO) on Monday, May 18, 2026. The dual listing in London and Tashkent marks the first international equity offering in Uzbekistan’s history, setting a powerful precedent for future state-backed and private privatizations.
The Key Numbers & Deal Data:
- Capital Raised: The baseline offering raised $603.6 million through the sale of a 31% stake by the Ministry of Economy and Finance. If the over-allotment option is fully exercised, total proceeds will scale to $691–$692 million (a 35% stake).
- Massive Oversubscription: The IPO drew an overwhelming $2.8 billion in institutional orders, meaning the deal was more than four times oversubscribed.
- Valuation & Pricing: The offering priced at $25 per Global Depositary Receipt (GDR), valuing the entire fund at $1.95 billion. Upon opening on the London Stock Exchange, the GDRs surged 12% to trade at $28.
- The Portfolio: Managed by U.S. investment giant Franklin Templeton, UzNIF holds strategic minority stakes (ranging from 20% to 40%) across 13 major state-owned enterprises. The portfolio’s net asset value sits at $2.44 billion, led by transport/aviation (32.4%), energy (19.1%), telecommunications (15.2%), utilities (14.9%), and banking (13.4%).
- Anchor Demand: Tier-1 global asset managers—including BlackRock, Franklin Resources, Redwheel, and the Allan & Gill Gray Foundation—acted as cornerstone investors, soaking up $300 million of the GDR allocation.
Economic Growth & Reform Context:
The highly successful debut establishes UzNIF as the largest IPO on the London Stock Exchange so far in 2026. Fund Chief Executive Marius Dan noted that this successful template “opens the path” for highly anticipated standalone listings of underlying national assets between 2025 and 2028, including the state’s massive gold and uranium mining monopolies, alongside Uzbekistan Airways (valued at $403 million).
This investor appetite is underpinned by robust macroeconomic momentum: Uzbekistan’s economy grew by 7.7% in 2025, driven by pro-market reforms under President Shavkat Mirziyoyev, a young population of nearly 40 million, and soaring revenues from its position as Central Asia’s largest gold exporter during a period of record-high commodity pricing.
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