Uzbekistan Fund Draws Strong LSE Debut

Uzbekistan’s National Investment Fund has completed an international listing of shares and global depositary receipts on the London Stock Exchange, according to Asia Plus. The transaction was reported as the country’s first listing of this kind, marking a new stage in opening Uzbek state assets to global capital markets.

Asia Plus reported that the listing formed part of Uzbekistan’s broader effort to attract international investors and demonstrate progress in market reforms. The fund was positioned as a key vehicle for mobilising foreign capital into state-linked assets.

The IPO drew substantial global interest, with Asia Plus reporting that the order book was oversubscribed by more than four times. Total demand was said to exceed $2.8 billion, highlighting strong appetite among international investors for exposure to the vehicle.

Primary proceeds from the international offering were reported at roughly $603.6 million. The transaction included a 35% over-allotment option that, if fully exercised, could increase total proceeds to about $692 million, according to the same coverage.

As part of the offering, the state, acting through Uzbekistan’s Ministry of Economy and Finance, sold a 31% stake in the National Investment Fund’s capital. Asia Plus reported that this sale was executed via the international listing on the London Stock Exchange.

The fund’s market value at the time of the listing was reported as $1.95 billion. The pricing of the transaction and the scale of demand were described in coverage as indicators of how investors are valuing the vehicle and its underlying state-related assets.

Asia Plus named Franklin Templeton as the trustee for the National Investment Fund. The outlet reported that Franklin Templeton executives, including Jenny Johnson, characterised the listing as a historic event and a sign of investor trust in Uzbekistan’s reforms.

International asset managers were reported among the anchor investors in the deal. Their participation was highlighted as supporting confidence in the structure of the fund and in Uzbekistan’s ability to attract global institutional capital.

The coverage noted that, alongside the London listing, arrangements were in place to enable domestic investor participation through trading on the Tashkent Stock Exchange. This was presented as a way to align international and local access to the fund’s securities.

Commentary cited by Asia Plus framed the offering as a significant milestone in Uzbekistan’s reform agenda. The listing was described as an important step in bringing state assets to public markets and in mobilising wider investor interest in the country’s economic transition.