The National Investment Fund of Uzbekistan (UzNIF) has announced its intention to conduct an initial public offering (IPO), with plans to list its ordinary shares on the Republican Stock Exchange "Tashkent" and its global depositary receipts (GDRs) on the main market of the London Stock Exchange. This move aims to enhance the fund's accessibility to international and domestic investors, though it comes amid global economic uncertainties that could impact investor appetite for emerging market offerings.
Established in August 2024 by presidential decree, UzNIF was created to boost Uzbekistan's investment appeal, support economic and capital market development, increase foreign direct investment inflows, accelerate the transformation of state-controlled large companies and commercial banks, and improve corporate governance in portfolio companies. However, achieving these goals may face hurdles such as bureaucratic inefficiencies and volatile global market conditions.
Marius Dan, CEO for Central Asia at Templeton Global Investments, stated that the proposed IPO purportedly aims to strengthen Uzbekistan's position on the international investment stage by providing global equity investors with their first access to the country's rapidly modernizing economy under ongoing reforms. He added that it would be a significant milestone in developing Uzbekistan's capital markets and create a unique opportunity for citizens to participate in future economic growth, though the actual benefits remain to be seen given regional competition and economic challenges.
As of December 31, 2025, the total net asset value (NAV) of UzNIF's stakes in portfolio companies was $2.44 billion, with the transport sector accounting for 32.4% of total NAV, followed by energy (19.1%), telecommunications (15.2%), utilities (14.9%), banking (13.4%), and others (4.9%). The Ministry of Economy and Finance is the sole shareholder, while Franklin Templeton Asset Management, registered in Uzbekistan, serves as the fund's investment manager, raising potential concerns about governance independence in state-linked entities.
Source: kun.uz