Uzbekistan NIF IPO Scheduled for May Launch

Tashkent, Uzbekistan (UzDaily.com) — The initial public offering (IPO) of the National Investment Fund of Uzbekistan (UzNIF) is scheduled for May, President Shavkat Mirziyoyev announced during a meeting reviewing economic performance for the first quarter of 2026 and outlining priorities for the remainder of the year.

According to the president, the country plans to place 30% of state assets on international capital markets for the first time as early as next month, with a total estimated value of US$2.4 billion. The IPO involves UzNIF, which is managed by Franklin Templeton and consolidates stakes in 13 strategic state-owned enterprises.

The National Investment Fund ранее сообщил о планах публикации регистрационного документа and is considering a dual listing on the London Stock Exchange and the Republican Stock Exchange “Toshkent”.

The selling shareholder is the Ministry of Economy and Finance, the sole owner of the fund. The fund itself will not receive proceeds from the offering, as all funds raised will go to the seller.

The proposed IPO structure includes two parallel tracks. Domestically, ordinary shares will be offered to institutional and retail investors, including those from selected foreign jurisdictions. Internationally, global depositary receipts (GDRs) will be issued for institutional investors, with a planned listing in London. An option for an additional placement of up to 15% of the GDR volume is also предусмотрен.

The international offering is being organized by a consortium of banks led by Jefferies, with participation from other international financial institutions. The local tranche will be supported by Uzbekistan-based investment firms.

UzNIF was established in late 2024 to enhance the country’s investment attractiveness, develop capital markets, and introduce international standards of corporate governance, including IFRS and ESG principles.

Trust management of the fund is carried out by Franklin Templeton Asset Management, a locally registered entity within Franklin Resources, Inc..

According to an independent auditor, the total value of UzNIF’s portfolio stood at US$2.44 billion as of the end of 2025.

The portfolio includes stakes in 13 state-owned companies across transport, energy, telecommunications, and banking sectors. The largest assets include shares in Uzbekistan Airways, Uzbekhydroenergo, Uztelecom, and Temiryulinfratuzilma.