BlackRock and Franklin Templeton Anchor UzNIF IPO with $300 Mln Backing
A consortium of leading global investors featuring BlackRock and Franklin Resources has committed an aggregate of $300 mln to anchor the upcoming initial public offering of the National Investment Fund of the Republic of Uzbekistan (UzNIF).
The cornerstone agreement also includes backing from Redwheel and two treasury companies belonging to the Allan & Gill Gray Foundation. Together these financial heavyweights have agreed to subscribe for Global Depositary Receipts (GDRs) at the final offer price, providing a massive vote of confidence in the Central Asian nation’s economic trajectory.
The investment is tied to UzNIF’s highly anticipated dual listing on both the London Stock Exchange and the Tashkent Stock Exchange. As the country’s pioneering international float, the move is designed to attract foreign capital by offering exposure to a rapidly modernising economy.
A strategic role beyond capital
For Franklin Templeton the massive financial commitment deepens an already intimate relationship with the Uzbek state fund. A local subsidiary of the global investment management firm currently acts as the official trustee for UzNIF.
In this operational role Franklin Templeton is directly responsible for steering a $2.44 bn portfolio that comprises strategic stakes in 13 major state-owned enterprises across sectors such as energy, transportation and telecommunications.
The firm is actively working to transition these formerly rigid state entities into competitive businesses by implementing international financial reporting standards, driving operational efficiencies and enforcing rigorous corporate governance.
Marius Dan, Central Asia CEO for Templeton Global Investments, emphasised the firm’s profound dedication to the region.
«As trustee of UzNIF, Franklin Templeton is deeply committed to Uzbekistan, as we continue to work intensively with our portfolio companies to drive operational improvements and financial discipline,» Dan stated.
He noted that the landmark IPO serves as a powerful testament to the success of the country’s ongoing reform programme.
Timeline and state backing
The $300 mln injection from these institutional giants will secure a significant portion of the international tranche of the offering. All securities in the float are being sold directly by the Uzbek Ministry of Economy and Finance which currently holds sole ownership of the fund.
Final pricing and the specific allocation of shares to the cornerstone investors will be confirmed following a standard book-building process expected to conclude in mid-May 2026.
