Uzbekistan Completes Historic Dual IPO in London and Tashkent
Uzbekistan has completed its first-ever dual IPO in London and Tashkent, marking a major milestone in the country’s efforts to open its capital markets to international investors.
The National Investment Fund of Uzbekistan (UzNIF) raised $603.6 mln through the sale of a 31% stake, valuing the fund at approximately $1.95 bn. Investor demand exceeded $2.8 bn, highlighting strong global interest in Uzbekistan’s reform agenda.
Trading began simultaneously on the London Stock Exchange and the Tashkent Stock Exchange, making it Uzbekistan’s first international equity offering. The fund is managed by Franklin Templeton and includes stakes in 13 major state-linked companies across sectors such as energy, telecommunications, banking and transport.
Officials described the IPO as a key step in President Shavkat Mirziyoyev’s broader economic reform and privatization program. Saida Mirziyoyeva said the transaction was aimed not only at raising capital, but also at building international trust in Uzbekistan’s institutions and investment climate.
Analysts say the successful listing could pave the way for future IPOs involving other Uzbek state-owned and private companies in the coming years.
