Saida Mirziyoyeva Calls UZNIF IPO a Historic Milestone

Tashkent, Uzbekistan (UzDaily.com) — Saida Mirziyoyeva, Head of the Presidential Administration of Uzbekistan, has described the first international listing of the Uzbekistan National Investment Fund (UZNIF) on the London Stock Exchange as a symbolic event reflecting deep changes in the country’s economy. The statement was made on May 18 during the listing ceremony in London.

She said such events capture a moment when the transformation of a state becomes visible at the international level. According to her, this is not only a financial transaction but part of a broader process reshaping the principles of how the economy functions, its openness, and its interaction with global markets.

Mirziyoyeva stressed that nine years ago Uzbekistan’s economy remained largely closed, while today the country is forming a competitive, investment-oriented model integrated into the global economy. She said the UZNIF initial public offering reflects growing confidence in new state institutions.

She also noted that the fund brings together key sectors of the economy, including energy, transport, finance, and industry, and symbolizes the country’s ambitions to pursue structural reforms and strengthen its international position. According to her, Uzbekistan will continue expanding listings, increasing private sector participation, and developing the Tashkent International Financial Centre.

During her speech, Mirziyoyeva also thanked Franklin Templeton, the London Stock Exchange, and British partners for supporting the project’s implementation. She emphasized that Uzbekistan’s priority is not only economic growth but also its quality.

Franklin Templeton President and CEO Jenny Johnson called the UZNIF listing a historic milestone both for Uzbekistan and for the company managing the fund. She said the successful IPO resulted from close cooperation with state authorities, including the Presidential Administration and the government’s financial bloc.

Johnson said global demand for the offering exceeded US$2.8 billion, and the order book was more than four times oversubscribed, reflecting strong investor confidence and expectations of continued reforms.

She also noted that the fund began trading simultaneously on the London and Tashkent stock exchanges, enabling citizens of Uzbekistan to participate in investing in one of the country’s largest state-linked investment vehicles. Franklin Templeton, she added, intends to continue cooperation with Uzbekistan in developing corporate governance and capital markets.

As part of the IPO, the Ministry of Economy and Finance offered 1.56 trillion shares to investors, representing 31% of the fund’s capital, excluding a potential additional GDR placement. Total funds raised amounted to approximately US$603.6 million and could increase to US$692 million if the option is exercised. The listing is the largest in Uzbekistan’s history and significantly exceeds previous capital market transactions in the country.