Uznif, established in 2024 and managed by Franklin Templeton, is expected to become the first major company to float on London's main market in 2026, according to a report. The fund's dual listing plan marks a significant step for Uzbekistan's capital markets and for the London Stock Exchange, which has seen no public debuts since listings from Shawbrook and Princes Tuna in late 2025, according to reports.
Marius Dan, Chief Executive of Central Asia at Templeton Global Investments, said the proposed IPO represents a defining moment for Uzbekistan's capital 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," he said. "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 the national investment fund represents a defining moment for Uzbekistan’s capital markets.
Uznif owns stakes in Uzbekistan's state-owned companies, including Navoi Mining & Metallurgical Co, which is also poised to announce a London listing this year, according to reports. The fund's intention to float follows a presidential decree outlining state-backed companies for public market debuts. Other candidates include e-commerce platform Uzum and logistics firm Centrum.
Uzbekistan's finance ministry is currently the sole shareholder of Uznif. Deputy Prime Minister Jamshid Kuchkarov said the IPO 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. He added that 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.
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.
Other major IPO prospects for London in 2026 include Waterstones and RAC. However, Scandinavian software company Vizma had planned a £17.5bn float but has put plans on ice due to the 'SaaS-pocalypse', according to reports.
The exact timeline for Uznif's IPO, the amount to be raised, and the fund's valuation have not been disclosed. It also remains unclear whether Navoi Mining & Metallurgical Co's listing will proceed as planned, and what the status of Vizma's IPO plans is beyond being 'put on ice'.
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