Uzbekistan has conducted its first-ever initial public offering (IPO) of a national asset on the London Stock Exchange (LSE) in its modern history.
The issuer was the Uzbekistan National Investment Fund (UzNIF), which brings together 13 major state-owned companies, including Uzbekistan Airways, Uzbektelecom, Uzbekhydroenergo, and the Republican Commodity and Raw Materials Exchange.
Demand for shares exceeded supply by more than four times, with total orders nearing $3 billion. Participants included global institutional investors such as BlackRock, Franklin Templeton, and Redwheel. Experts note that their interest reflects not short-term market conditions but recognition of the long-term potential of Uzbekistan’s reforming economy.
The listing ceremony was attended by Saida Mirziyoyeva, head of the Presidential Administration of Uzbekistan. Speaking at the LSE, Mirziyoyeva emphasized the symbolic and strategic significance of the event: “Sometimes countries change course quietly, and sometimes the world begins to notice. Today is one of those periods for Uzbekistan. It is deeply symbolic for us to stand here at the London Stock Exchange for the first international listing of the Uzbekistan National Investment Fund — not because of the ceremony itself, but because this moment reflects deeper transformations in how our economy sees itself, functions, and interacts with the world.”
Mirziyoyeva stressed that Uzbekistan is consistently building a competitive, investment-oriented, and globally integrated economy: “This IPO is not just about raising capital; it is about building trust and shaping a new generation of Uzbek institutions. This fund brings together some of the most important companies in our economy in energy, transport, finance, and industry. And it reflects where Uzbekistan is today: ambitious in its vision, serious in its reforms, and increasingly confident in its place in the world.”
The London listing — in Europe’s largest financial center by capitalization — marks a qualitatively new level of international recognition for Uzbekistan. For the first time, the country’s state assets will operate under standards of transparency, ESG, and corporate governance with independent international directors.
“We are preparing new listings, expanding private sector participation, and building the Tashkent International Financial Center (TIFC) with the ambition to create a reliable financial and investment platform operating in line with internationally recognized legal standards. For us, it’s not just about growth — it’s about the quality of that growth,” Mirziyoyeva said.
The UzNIF IPO sets a precedent for future listings of domestic companies on global exchanges, reduces the cost of capital raising, and strengthens the country’s investment image. Uzbekistan is transitioning from an “emerging market” to a nation whose assets global capital is ready to compete for.
Between 2021 and 2025, the country attracted over $123 billion in foreign investment. The successful London listing is expected to accelerate infrastructure modernization, digitalization, and efficiency improvements in state-owned enterprises.
Source: kun.uz