The sale in London and Tashkent values the state investment fund at $1.95 billion and prices shares at a 20% discount to pre-listing net asset value.
The government is using the listing to attract international investors and launch a broader privatisation drive through capital markets.
Many companies in UzNIF’s portfolio are expected to pursue their own IPOs in coming years, making the fund sale a test of appetite for Uzbekistan’s growth story.
With its landmark IPO, is Uzbekistan poised to become the next emerging market superstar for investors?
Is Uzbekistan's state fund a deep-value bargain or a governance trap for global institutions?
Can Uzbekistan's economic boom continue if its political system remains one of the world's least free?
Landmark UzNIF IPO Marks Uzbekistan’s First State-Backed Dual Listing on London and Tashkent Exchanges
Overview
In May 2026, Uzbekistan's Ministry of Economy and Finance launched a historic IPO, selling a 30% stake in the Uzbekistan National Investment Fund (UzNIF), a sovereign wealth fund managing minority holdings in 13 state-owned enterprises. This IPO, dual-listed on the London and Tashkent Stock Exchanges, marks the first international listing of a Uzbek state entity and reflects the government's broader economic reforms initiated after 2016. These reforms include tax cuts, foreign exchange liberalization, and SOE restructuring aimed at improving efficiency and attracting investment. The IPO raises capital for national priorities, imposes market discipline through international standards, and supports Uzbekistan's integration into global markets, serving as a key test of the country's reform progress and future economic growth.