International investors have become shareholders in some of Uzbekistan's largest state-owned companies for the first time, following a dual listing in London and Tashkent that raised nearly $700 mn (€615 mn) and attracted more than $2.8 bn (€2.46 bn) in investor demand.
The figures drew attention across financial markets. Yet the longer-term significance of the transaction may extend well beyond the capital raised.
Through the National Investment Fund of Uzbekistan (UzNIF), investors have acquired exposure to 13 state-owned companies operating across sectors including energy, telecommunications, transport and banking. Rather than investing in a single business, shareholders are buying into a portfolio of enterprises that have historically operated under state ownership.
Julia Hoggett, Chief Executive Officer of the London Stock Exchange, said the structure of the fund allows international investors to gain exposure to several of the country's largest companies through a single investment vehicle managed by Franklin Templeton.
Saida Mirziyoyeva, Head of the Presidential Administration, described the transaction as part of a broader effort to strengthen institutions and deepen international engagement.
