00:04Over 150 funds who were allocated shares at Uznev are now shareholders in 13 of Uzbekistan's leading state-owned enterprises.
00:15And they will participate in those companies' governance, in oversight of those companies.
00:20They will demand that those companies operate as commercially viable entities.
00:33More than $2.8 billion in investor demand, nearly $700 million raised, and a dual listing in London and Tuscant.
00:42At the centre of the transaction is Uznev, a fund bringing together stakes in 13 state-owned companies across sectors,
00:50including energy, telecommunications, transport and banking.
00:55And the IPO of Uznev is a case in point.
00:57It brings together some of the country's most important companies, whilst offering international investors an opportunity to participate in Uzbekistan's
01:06growth journey through a single portfolio managed by a leading international asset manager.
01:11Officials and investors say the listing is intended to strengthen corporate governance and prepare more state-linked companies for future
01:19public offerings.
01:20This IPO is not just about raising capital. It is about building trust in a new generation of Uzbek institutions.
01:30Franklin Templeton is honored to partner with the government of Uzbekistan in promoting good governance across state-owned enterprises, building
01:38strong and sustainable businesses that underpin Uzbekistan's economy.
01:43Governance reforms are expected to play a central role in that process.
01:48The fund is designed to introduce best-in-class international corporate governance standards to state-linked companies, paying the way
01:59for future private sector participation and further corporate listings.
02:03The main goal wasn't necessarily the money. I think the issue is to improve the governance of the corporations that
02:11is owned by the state.
02:12Public listing requires a lot of regulation, transparency, governance practices so that the state cannot interfere in the day-to
02:21-day running of the company.
02:22The IPO is also being seen as an important moment for Uzbekistan's capital market itself.
02:28A larger and more active stock market can provide companies with new ways to raise capital and investors with more
02:36opportunities to participate in economic growth.
02:39This is an important signal for us to confirm that our capital market is ready to global integration, global market,
02:50such as London Stock Exchange.
02:52In addition to this, we are now taking the direction of Hong Kong.
02:56Hong Kong's fund is also interested in integration.
03:00What does this mean?
03:01It means that the capital market has already evolved to global integration.
03:06We are confident that it will be the just beginning and there will be more and more investment that's coming,
03:13more and more IPOs coming to the capital markets.
03:17The IPO was also opened to retail investors.
03:21Around 4,700 people submitted applications during the domestic offering, many entering the stock market for the first time.
03:30If broader public would have ownership of state-owned corporations, it would increase pressure on its board and its management
03:39to run the company's fund.
03:41Investors from across the globe have chosen to believe in Uzbekistan's future.
03:45The confidence reflects the government's commitment to reforms and opening the economy to the world.
03:50With a population approaching 40 million and economic growth of 7.7% last year, according to the World Bank,
03:59the country has increasingly attracted the attention of frontier market investors.
04:05Uzbekistan is on equity market investors' minds globally.
04:11We're at the top of the queue for frontier markets.
04:16For sure, this will be a trigger for more, for sure.
04:20We have a pipeline of six, seven more IPOs coming in the next few years.
04:25For decades, many of Uzbekistan's leading companies operated within the orbit of the state.
04:32Today, they are increasingly connected to investors, capital markets and public shareholders.
04:38The transaction has opened a new chapter for the country's capital market.
04:42The question now is whether stronger governance, new listings and broader participation will follow.
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