Uzbekistan Lists State Investment Vehicle in London and Tashkent, Raising Nearly $604 Million

Uzbekistan launched its first international share sale on Wednesday, listing the state-backed National Investment Fund both in London and at home in Tashkent. The fund sold roughly one-third of its equity — about 31% — for nearly $604 million, with an option that could lift proceeds to roughly $692 million and increase the sold stake to a little over one-third. At the offer level, investors valued the vehicle at close to $1.95 billion.

Demand outstripped supply, with bids topping $2.8 billion, and trading in London began at $25 per global depositary receipt. Early hours saw the price climb to $28, an advance of about one-eighth. A separate allotment on the Tashkent exchange gave domestic buyers access to the same vehicle, marking a rare opportunity for local savers to buy into assets that have, until now, been aimed at foreign institutions.

Franklin Templeton ran the placement, and large commitments came from funds managed by BlackRock, Franklin Resources and Redwheel. The shares came from Uzbekistan’s Ministry of Economy and Finance, so the money raised will flow to state coffers rather than directly into the fund itself — a structure the government says will help bankroll further reforms and budget priorities.

Officials framed the listing as a milestone in broader market changes. A London Stock Exchange executive noted that the transaction represents Uzbekistan’s first international IPO and is the largest deal on the exchange’s markets so far this year. Uzbekistan’s presidential administration chief said the move was designed to attract long-term foreign capital and to demonstrate a new breed of financial institutions in the country, adding on social media that the government wants to be seen as dependable by global investors.

UzNIF, set up in 2024, bundles stakes in a dozen-plus state-linked companies across transport, energy, banking, telecoms, utilities and aviation. Major holdings include the national carrier, the primary telecom operator and the state hydroelectric business among others. The government created the fund as part of a privatization push intended to broaden private participation while keeping state control over strategic assets.

The listing did not come without concern. An international law firm representing the founder of a local fintech has warned investors about the detention of a company representative tied to a dispute with the state-run foreign bank, saying the episode highlights questions about legal reliability for outsiders. Uzbek authorities have not offered a detailed public reply. A London-based capital markets lawyer who spoke on condition of anonymity said the deal will serve as a test of whether investors continue to back Tashkent’s reform agenda beyond a headline transaction.