Uzbekistan’s $690M London IPO to Spur More State & Private Listings
Uzbekistan’s National Investment Fund IPO and Its Impact on Future Listings
By Felix Light
Historic London IPO 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 Future State Sell-Offs
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 Enthusiasm and Global Interest
National Investment Fund Chief Executive 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.
Pathway for Future Listings
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.
Largest IPO on London Stock Exchange in 2024
LSEG, which runs the London Stock Exchange, in a statement said the IPO was the largest on the exchange this year.
Fund Management and Governance Improvements
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.
Boosting Liquidity and Corporate 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 Growth and Reform Agenda
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 Under President Mirziyoyev
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)
