UzNIF secures around $300 million from BlackRock, Franklin Templeton, and others ahead of IPO

The fund confirmed that it will proceed with a dual listing on both domestic and international capital markets. The IPO will take place on the Tashkent Republican Stock Exchange and the London Stock Exchange, with the final offer price and offering size expected to be announced in mid-May.

As part of the dual listing, ordinary shares will be offered in Tashkent, while global depositary receipts (GDRs) will be issued in London, primarily targeting institutional investors.

Cornerstone investors include BlackRock, Franklin Templeton, funds managed by Redwheel, and two trusts wholly owned by the Allan & Gill Gray Foundation. Their combined commitments amount to around $300 million, based on the final offer price.

The final pricing, along with the number of shares and GDRs to be issued, will be determined following the bookbuilding process and disclosed in mid-May. The offering is expected to follow shortly thereafter.

UzNIF has been managed by a subsidiary of Franklin Templeton since May 2025.

The transaction is set to become Uzbekistan’s first international equity offering.

What is UzNIF?

UzNIF consolidates minority stakes, typically ranging from 25% to 40%, in 13 major state-owned enterprises across key sectors, including transportation, energy, utilities, and telecommunications. The total value of its portfolio is estimated at $2.4 billion.

Proceeds from the share sale will not go to the fund itself, but will instead be transferred to the state budget via its sole shareholder, Uzbekistan’s Ministry of Economy and Finance.