Uzbekistan's National Investment Fund Plans Dual IPO in London and Tashkent

The National Investment Fund of the Republic of Uzbekistan (UzNIF) has announced its intention to publish a registration document and is considering a simultaneous initial public offering on two stock exchanges: the London Stock Exchange and the Republican Stock Exchange "Tashkent". The offering is scheduled for April 9, 2026, with the Ministry of Economy and Finance of Uzbekistan acting as the sole selling shareholder.

The proposed placement will consist of two parallel tranches. The first is a Tashkent offering of ordinary shares for institutional and retail investors in Uzbekistan and several other jurisdictions. The second is an international offering of Global Depository Receipts (GDRs) for institutional investors outside the country, to be listed in London. In connection with the international offer, the selling shareholder will grant an over-allotment option for up to 15% of the total GDRs. All proceeds from the sale will go to the Ministry; the fund itself will not receive financing from this placement.

Jefferies International Limited has been appointed as Sole Global Coordinator for the international offer, working alongside joint bookrunners including Abu Dhabi Commercial Bank, Auerbach Grayson, Raiffeisen Bank International, ODDO BHF, and WOOD & Company Financial Services. Local managers for the Tashkent offering are Alkes Research, Avesta Investment Group, and Bluestone Financial Group. Financial advisors are STJ Advisors Group, ScholzvonGleich, and Finasia Capital. Legal counsel is provided by Cleary Gottlieb Steen & Hamilton and Kosta Legal.

Established in December 2024 by presidential decree, UzNIF's mandate is to enhance Uzbekistan's investment appeal, develop capital markets, attract foreign direct investment, and transform major state-owned companies through improved corporate governance, IFRS reporting, and ESG principles. Franklin Templeton Asset Management was appointed as the fund's trustee manager on May 1, 2025.

As of December 31, 2025, UzNIF's portfolio comprises minority stakes in 13 state-owned enterprises with a combined net asset value of $2.44 billion according to an independent Big Four auditor. The largest holdings include a 25% stake in Uzbekistan Airways ($403.6 million), a 40% stake in Uzbekhydroenergo ($391.3 million), a 30% stake in Uzbektelecom ($370.9 million), and a 40% stake in Temiryo'linfratuzilma ($363.4 million). By sector: transport (32.4%), energy (19.1%), telecommunications (15.2%), utilities (14.9%), banking (13.4%).

For the period from December 24, 2024 to December 31, 2025,the fund reported an unrealized gain on equity investments of $138.23 million,gross dividend income of $14.26 million,a net operating income of $152.5 million,and a profit forthe periodof$116 .68million.Total assets stood at$2 .52billionwith equityof$2 .48billionat year-end. < P >The government plans IPOsfor six portfolio companies by end-2028:Uzbekistan Airways ,National Electric Networks ,Uzbektelecom ,Uzbekhydroenergo ,Regional Electric Networks ,and Khududgazta'minot .Portfolio companies are requiredto pay out at least50 %of their net profit as dividends until2030 ,with first payments expectedin2027 basedon2026 results .< / p > < Blockquote >"This proposed IPO offers international investors their first opportunityto access Uzbekistan 's rapidly reforming economy ,while creatinga unique chancefor citizens toparticipate inthe country 's future economic growth," said Marius Dan ,CEOfor Central Asiaat Templeton Global Investments .< / blockquote > < P >Franklin Templeton cites strong macroeconomic fundamentals supporting investment appeal :real GDP grew approximately7 .7 %in2025 surpassing$145 billionfor first time ;average annual growthwas5 .8 %from2018 -24with projectionsof5 .9 %through2030 under "Uzbekistan2030" strategy aimingfor GDPover$200 billion per capita income reaching$5 k,and attracting up-to-$250 bin investments including$110 bin FDI.Fitchand S&P rate Uzbekistan BB.The population exceeds38 mln people with median age under30 providing favorable demographics.< / p > < P >Retail investors interestedinthe Tashkent offering are advisedto open brokerage accounts locallyin advance dueto limited subscription window.< / p >