UzNIF Confirms Dual IPO on London and Tashkent Bourses

Tashkent, Uzbekistan (UzDaily.com) — The National Investment Fund of the Republic of Uzbekistan (UzNIF) on Thursday confirmed its intention to enter public capital markets through an initial public offering of shares simultaneously on the London Stock Exchange and the Tashkent Republican Stock Exchange.

The transaction, which will become the first international equity listing from Uzbekistan, has attracted cornerstone investors of global standing. Funds managed by BlackRock, Franklin Resources, and Redwheel, as well as two treasury entities of the Allan & Gill Gray Foundation, have committed to subscribe to global depositary receipts (GDRs) worth approximately US$300 million in total.

The offering will be structured in two tranches. The international tranche will consist of GDR placements for institutional investors outside Uzbekistan, while the Tashkent tranche will be open to local institutional participants and retail investors, including citizens of the country.

The Ministry of Economy and Finance of Uzbekistan, as the sole shareholder of the company, will act as the sole seller of securities. UzNIF itself will not receive any proceeds from the transaction.

The final price and volume of the offering will be determined following the book-building process, with results expected in mid-May 2026, after which the shares will be admitted to trading on both exchanges.

UzNIF was established in December 2024 under a presidential decree. As of the announcement date, the fund holds stakes of 25% to 40% in 13 state-owned enterprises across key sectors. The total net asset value of its portfolio as of December 31, 2025, stood at US$2.44 billion. The largest allocation is in transport (32.4%), followed by energy (19.1%), telecommunications (15.2%), utilities (14.9%), and banking (13.4%).

The fund is managed by Franklin Templeton’s Tashkent office, one of the world’s largest investment firms with more than US$1.68 trillion in assets under management as of March 31, 2026.

“The UzNIF IPO represents an important milestone for both Uzbekistan’s capital markets and the fund as an investment platform,” said Marius Dan, CEO for Central Asia at Templeton Global Investments.

Jefferies International Limited is acting as sole global coordinator for the international offering. Joint bookrunners include Abu Dhabi Commercial Bank, Auerbach Grayson, Raiffeisen Bank International in partnership with ODDO BHF, and WOOD & Company. The local Tashkent tranche is being led by Alkes Research, Avesta Investment Group, and Bluestone Financial Group.

Financial advisers include STJ Advisors Group, ScholzvonGleich, and Finasia Capital. Legal counsel for the company and the Ministry of Finance is being provided by Cleary Gottlieb Steen & Hamilton and Kosta Legal.

The international tranche also includes a standard over-allotment option of up to 15% of the total GDR volume, while both the company and the selling shareholder will be subject to a 180-day lock-up period following admission to trading on the LSE.