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

The National Investment Fund of the Republic of Uzbekistan (UzNIF) has officially confirmed its intention to launch an initial public offering, with a simultaneous listing planned for both the London Stock Exchange and the Tashkent Republican Stock Exchange.

The landmark transaction, which will be the first international equity offering from Uzbekistan, has already secured commitments from several major global investors. Funds managed by BlackRock, Franklin Resources, and Redwheel, alongside treasury structures of the Allan & Gill Gray Foundation, have collectively pledged to subscribe to Global Depositary Receipts worth approximately $300 million.

The offering will be structured in two tranches. An international tranche will involve placing GDRs with institutional investors outside Uzbekistan. A separate Tashkent tranche is designed for local institutional participants and retail investors who are citizens of the republic.

The sole seller of the securities will be Uzbekistan's Ministry of Economy and Finance, which is currently the fund's only shareholder. UzNIF itself will not receive any proceeds from the sale.

The final offer price and exact size will be determined following a book-building process. The announcement of final results is anticipated in mid-May 2026, after which trading on both exchanges is expected to commence.

Established by a presidential decree in December 2024, UzNIF holds stakes ranging from 25% to 40% in 13 state-owned enterprises across various sectors. As of December 31, 2025, the estimated aggregate net asset value of its portfolio was $2.44 billion. The transport sector constitutes the largest share at 32.4%, followed by energy (19.1%), telecommunications (15.2%), utilities (14.9%), and banking (13.4%).

Franklin Templeton’s Tashkent office acts as the fund’s investment manager. The global asset manager reported over $1.68 trillion in assets under management as of March 31, 2026.

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 together with ODDO BHF, and WOOD & Company. The local Tashkent offering is being managed by Alkes Research, Avesta Investment Group, and Bluestone Financial Group.

Financial advisors to the fund are STJ Advisors Group, ScholzvonGleich and Finasia Capital. Cleary Gottlieb Steen & Hamilton and Kosta Legal are providing legal counsel to UzNIF and the Ministry of Finance.

The international tranche includes a standard over-allotment option of up to 15% of the total GDRs offered. Both UzNIF and the selling shareholder have agreed to a lock-up period preventing further share sales for 180 days following admission to trading on the LSE.