Success of Uzbekistan's first London IPO will inspire others, fund chief says
Uzbekistan's Landmark IPO and Its Implications for Future Listings
(Corrects title of fund boss in paragraph 3)
By Felix Light
Uzbekistan's National Investment Fund Raises $690 Million
LONDON, May 20 (Reuters) - The first London initial public offering of Uzbekistan's National Investment Fund, which has raised more than $690 million this week, should trigger other listings by Uzbek state and private firms, its chief executive said.
Economic Liberalisation and State Asset Sales
As part of reforms to liberalise the economy, a presidential decree last year said Uzbekistan plans to sell off minority stakes in enterprises, including the state gold and uranium mining companies, and the national airline between 2025 and 2028.
Investor Interest and Market Response
Global Demand for Uzbekistan's IPO
CEO for Central Asia at Templeton Global Investments Marius Dan said in an interview that the London listing on Monday, Uzbekistan's first international IPO, had attracted more than $2.8 billion in orders from global institutional investors.
He said the level of enthusiasm should open "the path for other companies in Uzbekistan to be listed", adding that both state-owned and private firms were likely candidates over the coming years. He did not name any.
Significance for the London Stock Exchange
LSEG, which runs the London Stock Exchange, in a statement said the IPO was the largest on the exchange this year.
Role of Franklin Templeton and Fund Objectives
Fund Management and Portfolio
U.S. investment company Franklin Templeton manages the National Investment Fund, which holds minority stakes in major state-owned companies spanning utilities, energy, transport and infrastructure.
Strategies for Growth and Governance
The fund is seeking to boost liquidity by listing underlying assets. It is also seeking to improve governance and appoint independent directors and chief financial officers.
“Our job is to ensure these companies operate at the same speed as the economy,” Dan said.
Uzbekistan's Economic Outlook
Growth Drivers and Gold Exports
The country registered 7.7% economic growth in 2025, buoyed by its young, growing population and the largest gold exports in Central Asia. Gold over the last year has hit a series of record highs as investors have sought a safe haven in the face of global uncertainty.
Ongoing Reforms and Political Context
With a population of almost 40 million, Uzbekistan has been pursuing economic reforms under President Shavkat Mirziyoyev, who took office in 2016, although its politics remains tightly controlled.
(Reporting by Felix Light; editing by Barbara Lewis)
