The National Investment Fund placed global depositary receipts on the LSE, raising $692 million including the overallotment option.
Uzbekistan has brought a state asset to the global capital market for the first time in modern history. On May 18, 2026, the official listing ceremony of the National Investment Fund (UzNIF) took place at the London Stock Exchange (LSE). According to Kun.uz, investor demand exceeded the organizers’ expectations many times over.
What Happened
The deal was executed in the format of global depositary receipts (GDRs). This instrument allows foreign investors to trade securities on an international platform, while the underlying assets remain in the issuer’s home jurisdiction.
The base offering volume was $603.6 million for a 31% stake in the fund. However, total bids approached $3 billion, exceeding supply by more than four times. Amid such demand, the organizers exercised the overallotment option. As a result, the final amount of raised funds increased to $692 million.
The buyers of the securities were large global institutional investors, including BlackRock, Franklin Templeton, and Redwheel.
The Country and the Market
UzNIF manages stakes in 13 of Uzbekistan’s largest state-owned companies. The fund’s portfolio includes enterprises from the energy, transport, finance, and industrial sectors, including Uzbekistan Airways, Uzbektelecom, Uzbekhydroenergo, and the Uzbek Republican Commodity Exchange.
Public status on the LSE requires a restructuring of internal processes within these companies. State assets are obliged to transition to international transparency standards, implement ESG reporting, and introduce independent international experts to their boards of directors.
Why It Matters
The deal changes Uzbekistan’s positioning in the international capital market. The country is transitioning from a market that investors merely observe to a state whose assets global funds are ready to compete for with capital.
The successful listing of UzNIF sets a new benchmark for Central Asia: global capital is ready to enter the region’s state assets if they are packaged in clear international instruments.
Speaking at the listing ceremony, Saida Mirziyoyeva, Head of the Administration of the President of Uzbekistan, noted that the offering is aimed at building trust and forming a new generation of institutions.
What’s Next
The raised funds will go toward infrastructure modernization and the digitalization of state-owned companies. In parallel, Uzbekistan is preparing new listings and continuing the construction of the Tashkent International Financial Center (TIFC). The project is intended to become a local investment platform operating under international legal standards.