Uzbekistan to Sell 30% Stake in National Investment Fund in London, Tashkent IPOs

Uzbekistan Announces 30% National Investment Fund Stake Sale in London, Tashkent IPOs

Uzbekistan's National Investment Fund IPO: Key Details and Background

Announcement of the IPO

TASHKENT, April 24 (Reuters) - The government of Uzbekistan will sell a 30% stake in the Central Asian country's National Investment Fund (UzNIF) in initial public offerings on the London and Tashkent stock exchanges in May, the president's press service said on Friday.

Significance of the Offering

First Global Capital Market Entry

The IPO will mark the first time an Uzbek state-backed entity has tapped global capital markets. Uzbekistan, the most populous country in the region, has been pursuing a programme of economic reform under President Shavkat Mirziyoyev, who took office in 2016, even as politics in the former Soviet republic remain tightly controlled.

Presidential Statement

"Next month, we will list 30% of our $2.4 billion state assets on international stock markets for the first time," the presidential press service quoted Mirziyoyev as saying. 

Background on UzNIF

Establishment and Holdings

UzNIF was established by presidential decree in August 2024 and holds stakes of between 25% and 40% in a number of key state‑owned enterprises.

Asset Valuation

Estimated Value of UzNIF

According to various estimates, UzNIF's assets total $2.44 billion.

Reporting Credits

(Reporting by Mukhammadsharif Mamatkulov, Writing by Mariya Gordeeva and Anna Peverieri; Editing by Andrew Osborn )