Uzbekistan Targets London IPO for National Investment Fund

Uzbekistan is preparing to launch its first London listing with the national investment fund, UzNIF, paving the way for other state-backed companies, Bloomberg reports. The fund could begin share sales in London and Tashkent as early as the first quarter of next year.

Preparations for the IPO of Navoi Mining & Metallurgical Company, one of the world’s largest gold producers, have slowed. Officials are concerned a London listing could reduce dividends that contribute significantly to the state budget. Navoi’s final IPO timing will depend on President Shavkat Mirziyoyev’s decision.

UzNIF, managed by Franklin Templeton, recently restructured its portfolio to 15 companies, including a 30% stake in Uzpromstroybank, raising its assets under management to $1.93 bn. The fund aims for a first-half listing to set a benchmark for other Uzbek IPOs.

Navoi Mining posted $1.5 bn in profit in H1 2025 and declared $1.7 bn in dividends in 2024. It has been working with Citigroup, Morgan Stanley and JPMorgan Chase on a potential offering, with a target valuation of around $20 bn including debt. Analysts say UzNIF is a cleaner, lower-risk candidate for an early London IPO, while Navoi remains a strategic asset to list later.