On May 18, 2026, Uzbekistan listed shares of its state investment fund UzNIF on the Tashkent (UZSE) and London (LSE) stock exchanges. The IPO raised $603.6 million for the state, with demand exceeding supply by four times.
UzNIF holds stakes in 13 major state-owned companies, including Uzbekistan Airways, O‘zbektelekom, hydroelectric plants, railway infrastructure, power grids, and banks. By purchasing one share of the fund, investors gain exposure to the entire basket.
A share represents ownership in a small portion of a company. An IPO (Initial Public Offering) is the first sale of shares to the public. An investment fund holds shares of other companies rather than producing goods or services.
The fund's stake in each company ranges from 25% to 40%. The state sold one-third of this basket, raising $603.6 million. Investors now own shares in one of the country's largest business conglomerates.
This marks the first time a Uzbek company has listed on a foreign exchange. It is also the largest IPO in London since the start of 2026.
In Tashkent, ordinary shares of UzNIF trade in Uzbek soums, available to any Uzbek citizen via local brokers. In London, Global Depositary Receipts (GDRs) trade in dollars, convenient for international investors.
One London GDR equals 64,700 underlying Uzbek shares. Tickers: UZNF in Tashkent, also UZNF in London, and UZ20 for large US investors.
At the IPO, one share was priced at 4.65 soums. Retail investors in Uzbekistan received a 5% discount, paying 4.41 soums. After May 18, no discounts apply; the price fluctuates based on market demand.
The total value of the fund's stakes was $2.44 billion as of end-2025. Top holdings: Uzbekistan Airways (25%, $403.6 million), O‘zbekgidroenergo (40%, $391.3 million), O‘zbektelekom (30%, $370.9 million), Temiryo‘l infratuzilma (40%, $363.4 million).
Portfolio management decisions are made by US-based Franklin Templeton, which oversees $1.682 trillion in assets. The contract runs until 2034.
Shares can be purchased via the Jett mobile app. Account opening costs 12,000 soums, minimum deposit 10,000 soums. Fees: 1% for deposits, approximately 1% per trade.
Dividends are paid annually. The first payout is expected in 2027 for the 2026 fiscal year. A 5% dividend tax is automatically withheld.
Price appreciation may be driven by separate IPOs of six basket companies by 2028. Risks include profit-taking after the IPO hype, heavy reliance on Uzbekistan Airways, continued state dominance, economic downturns, and currency fluctuations.
Source: kun.uz