Uzbek National Investment Fund IPO on LSE Attracts Strong Investor Demand

Tashkent, Uzbekistan (UzDaily.com) — The international initial public offering (IPO) of the National Investment Fund of Uzbekistan (UzNIIF) on the London Stock Exchange could serve as a catalyst for Uzbek companies seeking access to global capital markets, according to the fund’s CEO Marius Dan in an interview with Reuters.

Marius Dan stated that the listing has attracted significant interest from global institutional investors.

Total subscription demand exceeded US$2.8 billion. He noted that this outcome may create new opportunities for future IPOs involving both state-owned and private companies in Uzbekistan.

Reuters reported that, as part of ongoing economic reforms, a presidential decree previously outlined plans to sell minority stakes in several major enterprises between 2025 and 2028. Potential participants in this process include state-owned companies operating in the gold mining, uranium, and national aviation sectors.

LSEG, which operates the London Stock Exchange, described the listing as the largest IPO on its platform so far this year.

The National Investment Fund is managed by US-based investment firm Franklin Templeton. The fund holds minority stakes in major state-owned enterprises operating in energy, utilities, transport, and infrastructure sectors.

Marius Dan also emphasized that the fund is focused on improving corporate governance, implementing international standards, and appointing independent directors and chief financial officers.

According to Reuters, Uzbekistan’s economy grew by 7.7% in 2025.

The growth was driven by a young population, expansion of domestic demand, and strong gold exports. Analysts noted that ongoing reforms continue to strengthen international investor confidence in the country.