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 dual initial public offering (IPO) on the London Stock Exchange and the Republican Stock Exchange "Toshkent" in Tashkent. The Ministry of Economy and Finance of Uzbekistan, as the sole shareholder, will be the selling shareholder.

The planned offering consists 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 offering, 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 offering, alongside joint bookrunners including Abu Dhabi Commercial Bank and Raiffeisen Bank International. Local managers for the Tashkent offering are Alkes Research, Avesta Investment Group, and Bluestone Financial Group.

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 serves as its investment manager.

As of December 31, 2025, the combined net asset value of UzNIF's portfolio companies was $2.44 billion according to an independent Big Four auditor valuation. The portfolio holds minority stakes in 13 state-owned enterprises. 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).

For the period from its inception to end-2025, UzNIF reported an unrealized gain on equity investments of $138.23 million and gross dividend income of $14.26 million.

The government plans to conduct IPOs for six portfolio companies by 2028: Uzbekistan Airways, National Electric Networks, Uzbektelecom, Uzbekhydroenergo, Regional Electric Networks, and Khududgazta'minot. These companies are mandated to pay out at least 50% of their net profit as dividends until 2030.

Marius Dan, CEO for Central Asia at Templeton Global Investments Group at Franklin Templeton highlighted that this IPO offers international investors their first opportunity to access Uzbekistan's rapidly reforming economy while giving citizens a chance to participate directly in future growth.

Franklin Templeton cites strong macroeconomic fundamentals for Uzbekistan's appeal: real GDP grew approximately 7.7% in 2025 surpassing $145 billion for the first time with sustained growth projected around 6% annually through 2030 under its national development strategy aiming for GDP above $200 billion.