Uzbekistan Plans IPO of National Investment Fund in London in 2026

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan is preparing to list its National Investment Fund (UzNIF) on the London Stock Exchange for the first time in the country’s history, Bloomberg reports.

The initial public offering (IPO) is expected as early as the first quarter of 2026. Managed by Franklin Templeton, UzNIF is preparing the necessary documentation for the sale of shares on both the London and Tashkent stock exchanges.

In September, the fund selected the banks that will organize the potential placement. In the same month, President Shavkat Mirziyoyev approved a restructuring of UzNIF’s portfolio aimed at enhancing its investment appeal.

Meanwhile, preparations for the IPO of NGMC, one of the world’s largest gold mining companies, have slowed. Bloomberg sources note that the company is unlikely to conduct its London IPO before the end of 2025, despite a presidential decree issued in April setting that deadline.

The London listing of UzNIF will mark a significant step for Uzbekistan in accessing international financial markets and attracting foreign investment.