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Uzbekistan's National Investment Fund of Uzbekistan has secured USD 300 million in cornerstone commitments from global investors, including BlackRock, ahead of its planned initial public offering on the London and Tashkent stock exchanges. The IPO marks the first global equity market listing by a state-backed Uzbek entity. The fund holds minority stakes across 13 state-owned enterprises in sectors such as energy, transport and banking. The move aligns with Uzbekistan's ongoing economic reforms aimed at attracting foreign capital and deepening its capital markets.
The National Investment Fund of Uzbekistan has secured cornerstone investment commitments worth approximately USD 300 million ahead of its planned initial public offering on the London and Tashkent stock exchanges, according to a statement issued in the past week. Advertisement
The commitments have been secured from a group of global institutional investors, including funds managed by BlackRock, as well as Franklin Resources, Redwheel and treasury entities linked to the Allan & Gill Gray Foundation. These cornerstone agreements involve subscriptions to global depositary receipts (GDRs), which represent shares in the fund and are traded on international exchanges.
The IPO represents the first instance of a state-backed Uzbek entity accessing global equity markets, reflecting the country's broader push to integrate with international financial systems. The offering is being positioned as a key milestone in Uzbekistan's ongoing economic reform programme, which has focused on liberalisation, foreign investment and capital market development.
The National Investment Fund is wholly owned by Uzbekistan's Ministry of Economy and Finance and holds minority stakes ranging between 25% and 40% in 13 state-owned enterprises. These investments span key sectors including transport, energy, telecommunications, utilities and banking, providing diversified exposure to the country's core economic infrastructure.
The cornerstone commitments are expected to provide early demand visibility and pricing support for the IPO, which is being launched across both domestic and international exchanges. Market participants noted that such agreements typically help anchor investor confidence and enhance the attractiveness of the offering to a broader institutional base.
Uzbekistan, the most populous country in Central Asia with a population of around 38 million, has been pursuing a series of economic reforms over the past decade. Under the leadership of President Shavkat Mirziyoyev, the country has undertaken measures to open up its economy, improve the business environment and attract foreign investment.
The planned dual listing in London and Tashkent reflects an effort to deepen domestic capital markets while simultaneously accessing global pools of capital. The use of GDRs allows international investors to participate in the offering without direct exposure to local market infrastructure.
The transaction underscores increasing investor interest in frontier and emerging markets, particularly where governments are implementing structural reforms and offering access to diversified state-backed assets.
With cornerstone backing secured, the National Investment Fund is positioned to proceed with its IPO, marking a significant step in Uzbekistan's efforts to expand its presence in global capital markets and mobilise long-term institutional investment.
Source - Reuters
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