The Uzbekistan National Investment Fund (UzNIF) has officially confirmed its intention to launch an Initial Public Offering (IPO) on both the London and Tashkent Stock Exchanges, unveiled the press service of Franklin Templeton, the firm currently managing the fund.
A standout feature of this offering is the secured participation of major "anchor investors"—institutional entities committing substantial capital at an early stage. According to the company, funds managed by BlackRock, Franklin Resources, and Redwheel, alongside structures from the Allan & Gill Gray Foundation, have already entered into agreements to purchase Global Depositary Receipts (GDRs).
The combined commitment from these heavyweights is estimated at $300 million. The final subscription will be executed at the offering price determined during the book-building process.
The listing is structured in two stages: ordinary shares will be offered on the Tashkent Stock Exchange (TSE), while GDRs will be available to international investors on the London Stock Exchange (LSE). As the sole shareholder, the Ministry of Economy and Finance will sell the securities; consequently, the fund itself will not receive proceeds from the sale.
The final pricing and exact volume of shares are expected to be announced in mid-May 2026, followed immediately by the official commencement of trading in London and Tashkent. A 180-day lock-up period will apply to the company and the majority shareholder following the IPO.
As of December 31, 2025, UzNIF’s net asset value stood at $2.44 billion. Its portfolio comprises minority stakes in 13 state-owned enterprises, including Uzbekistan Airways and Uzbektelecom. A primary draw for both retail and institutional investors is the fund's rigorous dividend policy: portfolio companies are mandated to distribute at least 50% of their net profit as dividends through 2030. Furthermore, individual IPOs for six of the fund’s companies are slated for completion by the end of 2028.
The global coordination of the IPO is being led by Jefferies International Limited, supported by a consortium of legal advisors including Cleary Gottlieb, White & Case, and Dentons.
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