The IPO is likely to be the first major debut on London's main market in 2026. London's stock exchange has had a five-month dry spell of public debuts since late 2025. According to an official statement from Marius Dan, Chief Executive of Central Asia at Templeton Global Investments, the proposed IPO represents a defining moment for Uzbekistan's capital markets. Jamshid Kuchkarov, Deputy Prime Minister of Uzbekistan, said in another official statement that the IPO will be an opportunity for investors to be part of Uzbekistan's economic transformation. The exact timing, size, and valuation of Uznif's IPO have not been disclosed, and regulatory approvals for the dual listing are still pending.
Uznif is a $2.4 billion fund established in 2024 and managed by Franklin Templeton, with Uzbekistan's finance ministry currently its sole shareholder. The fund owns stakes in state-owned companies in Uzbekistan, including Navoi Mining & Metallurgical Co., which is also planning a London listing this year. The specific stakes Uznif holds in these state-owned companies have not been detailed. Dan further stated that the fund has built a diversified portfolio of strategic assets governed by international standards, aiming to unlock value and offer a gateway to Uzbekistan's growth. Kuchkarov noted that Uznif was set up as a strategic vehicle to help transform state-owned enterprises and modernize the economy.
The proposed IPO of the national investment fund represents a defining moment for Uzbekistan's capital markets.
This move aligns with Uzbekistan's broader IPO push, as a presidential decree in 2025 outlined that several state-backed companies in the country were preparing for public market debuts. Other companies planning IPOs include e-commerce platform Uzum and logistics firm Centrum. The initiative reflects a strategic effort to attract international investment and modernize the economy.
London's IPO landscape for 2026 includes other major prospects such as book publisher Waterstones and RAC. However, the market has faced challenges, exemplified by the postponement of Scandinavian software company Vizma's planned float due to the 'Saas-pocolypse'. The impact of this 'Saas-pocolypse' on other software company IPOs remains uncertain. Despite this, Uznif's potential debut signals a significant step for both Uzbekistan and London's financial markets.
We have built a diversified portfolio, including some of the nation's most strategic assets, governed by international standards and managed with a singular focus: to unlock value. This offering is your gateway to participating in the rapid modernisation and robust growth of one of Central Asia's most dynamic economies.
The proposed IPO of Uznif represents more than an investment opportunity – it will be an opportunity for both domestic and international investors to be part of Uzbekistan's economic transformation.
Uznif has been set up as a strategic vehicle to help transform many of the country's large state-owned enterprises, contributing to the modernisation of the economy and the development of capital markets, as well as increasing the