UzNIF Prepares for Dual IPO in London and Tashkent

Tashkent, Uzbekistan (UzDaily.com) — The Joint Stock Company "National Investment Fund of the Republic of Uzbekistan" (UzNIF) announced on 9 April 2026, its intention to publish a registration document and is considering a simultaneous initial public offering (IPO) on two trading platforms: the London Stock Exchange and the Uzbekistan Stock Exchange (UZSE). The Ministry of Economy and Finance of the Republic of Uzbekistan, acting as the sole shareholder, is the selling party.

The proposed offering is planned in two parallel tranches. The first consists of a Tashkent offering of ordinary shares for institutional and retail investors in Uzbekistan and other select jurisdictions. The second is an international offering of Global Depositary Receipts (GDRs) for institutional investors outside the country, with a listing on the London Stock Exchange. In connection with the international offering, the selling shareholder will provide an over-allotment option of up to 15 percent of the total number of GDRs. All proceeds from the sale of the securities will go to the selling shareholder; the fund itself will not receive financing from the placement.

The international offering is organized by Jefferies International Limited as the sole global coordinator, alongside Abu Dhabi Commercial Bank, Auerbach Grayson, Raiffeisen Bank International, ODDO BHF, and WOOD & Company Financial Services acting as joint bookrunners. The Tashkent offering will be implemented by local managers, including Alkes Research, Avesta Investment Group, and Bluestone Financial Group. STJ Advisors Group, ScholzvonGleich, and Finasia Capital are serving as financial consultants. Legal support for the company and the selling shareholder is provided by Cleary Gottlieb Steen & Hamilton and Kosta Legal.

UzNIF was established in December 2024 following a presidential decree issued in August 2024. Its objectives include increasing the country’s investment attractiveness, developing capital markets, attracting foreign direct investment, and transforming major state-owned enterprises and banks through the implementation of modern corporate governance standards, IFRS reporting, and ESG principles. Franklin Templeton Asset Management, a company registered in Uzbekistan and an indirect subsidiary of Franklin Resources, Inc., was appointed as the trust manager of the fund. The manager began its work on May 1, 2025, and full powers were transferred on August 11 of the same year.

As of 31 December 2025, the total net asset value of UzNIF’s portfolio companies was US$2.44 billion, according to an assessment by an independent Big Four auditor. The portfolio includes minority stakes in 13 state enterprises. The largest position is a 25 percent stake in Uzbekistan Airways, valued at $403.6 million, accounting for 16.5 percent of total asset value. This is followed by Uzbekgidroenergo (40 percent stake valued at US$391.3 million), Uzbektelecom (30 percent stake valued at US$370.9 million), and Temiryulinfratuzilma (40 percent stake valued at US$363.4 million). By sector, transport accounts for 32.4 percent of total asset value, energy 19.1 percent, telecommunications 15.2 percent, utilities 14.9 percent, and the banking sector 13.4 percent.

Between 24 December 2024, and 31 December 2025, the fund recorded a net unrealized gain from equity investments of US$138.23 million and gross dividend income of US$14.26 million. Net operating income amounted to US$152.5 million, with profit for the reporting period reaching US$116.68 million. The fund's total assets at the end of 2025 were estimated at US$2.52 billion, with equity at US$2.48 billion.

The Government of Uzbekistan plans to conduct IPOs for six portfolio companies by the end of 2028: Uzbekistan Airways, National Electric Grids, Uzbektelecom, Uzbekgidroenergo, Regional Electric Grids, and Hududgaztaminot. Portfolio companies are required to allocate at least 50 percent of net profit to dividend payments until 2030. The first dividends are expected in 2027 based on 2026 financial results.

Commenting on the upcoming placement, Marius Dan, CEO for Central Asia at Templeton Global Investments, noted that the proposed IPO will provide international investors with their first opportunity to gain access to Uzbekistan’s rapidly reforming economy, while offering citizens a unique chance to participate in future economic growth.

Franklin Templeton attributes UzNIF’s investment attractiveness to several macroeconomic factors. Uzbekistan's real GDP grew by approximately 7.7 percent in 2025, exceeding US$145 billion for the first time. The average annual economic growth rate from 2018 to 2024 was 5.8 percent, with a projected growth of 5.9 percent per year through 2030. The "Uzbekistan – 2030" strategy envisions increasing GDP beyond US$200 billion, raising per capita income to $5,000 annually, and attracting up to $250 billion in investment. International rating agencies Fitch and Standard & Poor’s have assigned Uzbekistan a "BB" rating. The country's population exceeds 38 million people with a median age of less than 30, providing a favorable demographic backdrop for long-term growth.

Retail investors intending to participate in the Tashkent offering are advised to open brokerage accounts in Uzbekistan in advance, as the subscription period will be limited.