Uzbekistan Launches IPO Incentive Scheme Seeking $1 Billion
Tashkent, Uzbekistan (UzDaily.uz) — The government and the Presidential Administration of Uzbekistan have launched a support program for private companies planning to list on stock exchanges by covering a portion of their initial public offering expenses, aimed at attracting US$1 billion in capital.
Marius Dan, Chief Executive Officer for Central Asia at Franklin Templeton, announced the initiative during a capital and investment panel at the Silk Road Finance & Technology Forum in Tashkent on 24 August 2026. Dan described the US$1 billion fundraising target as fully achievable and noted that Franklin Templeton shares this objective, aiming to secure additional financing for portfolio assets while expanding Uzbekistan's overall capital market.
The launch of the incentive program follows the initial public offering of the Uzbekistan National Investment Fund (UzNIF), which completed a dual listing on the London and Tashkent stock exchanges in May.
During that offering, the selling shareholder—Uzbekistan's Ministry of Economy and Finance—raised US$692 million, with investor demand reaching US$2.9 billion. Since listing, UzNIF shares have appreciated by more than 50% and trade at approximately a 10% premium to net asset value, a rare dynamic for investment funds of this type, which typically trade at or below net asset value.
Franklin Templeton oversees the 13 state-owned companies included in the fund's portfolio, which includes SQB bank, national carrier Uzbekistan Airways, railway infrastructure assets, and energy and utility entities. All 13 portfolio enterprises transitioned this year to a corporate governance model featuring a majority of independent supervisory board members.
Franklin Templeton plans to list additional portfolio assets publicly in the coming years, including SQB bank, Uzbekistan Airways, and entities in the telecommunications and hydroelectric power sectors. Dan added that the success of the initial fund listing should clear the path for private Uzbek companies seeking to raise capital through public stock offerings.
