The National Investment Fund of Uzbekistan (UzNIF) has confirmed plans to launch its first international IPO (initial public offering). The fund is pursuing a dual listing strategy, offering ordinary shares on the Tashkent Stock Exchange and global depositary receipts (GDRs) on the London Stock Exchange for institutional investors.

UzNIF announced the signing of cornerstone agreements with major global investment firms. BlackRock, Franklin Templeton, funds managed by Redwheel, and two trust companies wholly owned by the Allan & Gill Gray Foundation have committed to participate in the offering. The total volume of commitments from these investors is approximately $300 million at the final offer price.

The final price, number of GDRs, and shares will be determined following a bookbuilding process and announced in mid-May. The listing is scheduled to occur shortly thereafter. A subsidiary of Franklin Templeton has been managing UzNIF since May 2025. This marks Uzbekistan's first international IPO, highlighting the country's increasing integration into global financial markets.

UzNIF consolidates stakes (25–40 percent) in 13 large state-owned companies across transportation, energy, utilities, and telecommunications sectors. The portfolio value is estimated at $2.4 billion. Proceeds from the share sale will not go to the fund but will be transferred to the state budget via its sole shareholder – the Ministry of Economy and Finance.

Source: kun.uz