UzNIF prepares $2.4 billion dual listing in London and Tashkent

01:22 / 10.04.20263,6672 min

Uzbekistan’s National Investment Fund (UzNIF), which holds minority stakes in 13 major state-owned companies spanning transport, energy, utilities and telecommunications, said it plans to launch an initial public offering (IPO) in both Tashkent and London.

UzNIF prepares $2.4 billion dual listing in London and Tashkent

The fund said a public offering of its shares is expected on the two exchanges, without giving a timeline or pricing details.

According to a press release provided to Kun.uz, the net asset value of UzNIF’s portfolio stood at $2.44 billion as of Dec. 31, 2025.

Established in 2024, the fund is wholly owned by the Ministry of Economy and Finance, which has appointed U.S.-based Franklin Templeton as its trustee manager. The firm oversees $1.74 trillion in assets globally.

UzNIF’s portfolio consists of minority stakes of varying sizes in 13 state-owned enterprises.

Under a presidential decree, companies in the fund’s portfolio are required to distribute at least 50% of their net profit as dividends by 2030.

The fund said IPO dates and pricing parameters will be announced later.

It added that, given the limited subscription window, retail investors are advised to open brokerage accounts in Uzbekistan in advance to participate in the Tashkent offering.

Separately, six companies within the UzNIF portfolio are expected to conduct their own IPOs by 2028 in cooperation with Franklin Templeton.