ROME, May 25. /Dunyo IA/. Italian publications Milano Finanza, Agenzia Nova, and Euroborsa have published reports on the debut of the National Investment Fund of Uzbekistan (UzNIF) on the London Stock Exchange, reports Dunyo IA correspondent.

The articles note that the placement became the largest IPO in Uzbekistan’s history and the first simultaneous listing of an Uzbek issuer in both London and Tashkent.

During the IPO, the fund raised more than USD 603 million, with its valuation reaching nearly USD 2 billion. Investor demand exceeded supply by more than four times. Among the крупнейших investors were BlackRock, Franklin Templeton, Redwheel, and the Allan & Gill Gray Foundation.

Trading of UzNIF shares began on May 18. On the first day alone, the fund’s global depositary receipts on the London Stock Exchange rose by 10 percent, increasing from USD 25 to USD 27.5. The price later climbed to USD 28.9 per share.

The fund consolidates stakes in 13 major state-owned companies of Uzbekistan operating in the energy, transport, telecommunications, utilities, and banking sectors. Key assets include Uzbekistan Airways, Uzbektelecom, Uzbekhydroenergo, and SQB Bank.

The publications also emphasized the role of Franklin Templeton, which was appointed as the fund’s asset manager. According to the reports, the participation of the international investment company strengthened foreign investors’ confidence in transparency and corporate governance reforms in Uzbekistan.