UzNIF Begins GDR Trading on London Stock Exchange

Tashkent, Uzbekistan (UzDaily.com) — The National Investment Fund of the Republic of Uzbekistan (UzNIF) has announced the start of trading in global depositary receipts (GDRs) on the London Stock Exchange following the completion of its initial public offering, the results of which were disclosed on 13 May 2026.

The company said the GDRs, representing ordinary shares of UzNIF, have been included in the depositary receipt category of the Official List of the UK Financial Conduct Authority (FCA). The securities have also been admitted to trading on the Main Market of the London Stock Exchange.

GDR trading is conducted under the ticker UZNF for Regulation S receipts and UZ20 for Rule 144A receipts. Unconditional trading on the LSE began on 18 May.

On the same day, UzNIF ordinary shares were admitted to trading on the Republican Stock Exchange “Toshkent” under the ticker UZNF, with domestic trading also commencing.

Marius Dan, CEO for Central Asia at Templeton Global Investments, described the listing as a historic milestone for Uzbekistan. He said UzNIF is the first Uzbek company to conduct a GDR listing on the London Stock Exchange simultaneously with a share offering on the Tashkent Stock Exchange.

He noted that strong investor interest reflects recognition of Uzbekistan’s ongoing economic reforms and confidence in the country’s future growth prospects. According to him, the transaction also demonstrates UzNIF’s ability to advance its core mandate of developing Uzbekistan’s capital markets and improving investment attractiveness.

Dan added that the company remains committed to creating long-term value for shareholders and stakeholders.

UzNIF was established in December 2024 as a joint-stock company under a presidential decree dated 27 August 2024, on the creation of the National Investment Fund of Uzbekistan.

Asset management of the fund is carried out by Franklin Templeton Asset Management, registered in Uzbekistan and an indirect subsidiary of Franklin Resources. It was appointed as trustee manager following an agreement with the Ministry of Economy and Finance. The company began executing its mandate on 1 May 2025, with full transfer of management functions completed on 11 August 2025.