Uzbekistan’s National Investment Fund Eyes London and Tashkent IPO
Uzbekistan’s National Investment Fund (UzNIF) has announced plans to publish a registration document and is considering an initial public offering on both the London Stock Exchange and the Tashkent Stock Exchange.
The proposed IPO would involve the sale of ordinary shares and global depositary receipts by the Ministry of Economy and Finance, which is currently the fund’s sole shareholder. UzNIF said it would not receive any proceeds from the share sale.
The fund was created under a presidential decree in 2024 and is designed to manage stakes in major state-owned enterprises while improving their governance, transparency and market value. Its portfolio currently includes minority holdings in 13 companies across transport, energy, telecommunications, utilities and banking.
As of Dec. 31, 2025, UzNIF’s total net asset value stood at $2.44 billion. The largest share of the portfolio comes from transportation assets, followed by energy production and telecommunications.
Franklin Templeton Asset Management in Uzbekistan acts as trustee of the fund. Marius Dan, CEO for Central Asia at Templeton Global Investments, said the proposed IPO could become the first major opportunity for international equity investors to gain exposure to Uzbekistan’s reform-driven economy.
If the offering proceeds, it is expected to be split into two parts: a domestic offering of shares to eligible institutional and retail investors, and an international offering of GDRs to institutional investors outside Uzbekistan. Jefferies is acting as sole global coordinator for the international tranche.
UzNIF said more details, including pricing for retail investors in Uzbekistan, would be announced later. The company added that eligible local investors may wish to begin preparing brokerage accounts ahead of the subscription period.
According to the announcement, Uzbekistan also plans IPOs for six companies in UzNIF’s portfolio by the end of 2028, underscoring the government’s broader privatisation push.
