UzNIF IPO Marks Historic Milestone for Uzbekistan’s Capital Markets
Uzbekistan’s National Investment Fund (UzNIF) has completed a landmark dual IPO in London and Tashkent, marking what analysts describe as a major milestone for the country’s capital markets and economic reform agenda.
The offering raised about $603.6 mln and valued the fund at nearly $1.95 bn, becoming Uzbekistan’s first international equity offering and the largest IPO on the London Stock Exchange so far in 2026.
UzNIF, managed by Franklin Templeton, holds stakes in 13 major state-linked companies, including Uzbekistan Airways, Uzbektelecom and national energy firms. Strong demand from global investors such as BlackRock and Redwheel reportedly pushed orders above $2.8 billion during the bookbuilding process.
Market observers say the IPO sends an important signal about Uzbekistan’s efforts to modernise its economy, attract foreign investment and deepen domestic capital markets under President Shavkat Mirziyoyev’s reform program.
Officials have also indicated that additional privatisations and public listings of Uzbek state companies could follow in the coming years.
Kursiv Uzbekistan spoke with Ayuna Nechaeva, Head of Europe, Primary Markets at the London Stock Exchange, about the Exchange’s priorities for 2026, the readiness of Uzbek companies for IPOs, the role of dual listings and Eurobonds, and the core requirements international investors expect from issuers.
