4 billion, is managed by Franklin Templeton and owned solely by Uzbekistan's finance ministry. It holds stakes in state-owned companies, including Navoi Mining & Metallurgical Co, which is also planning a London listing this year. Marius Dan, Chief Executive of Central Asia at Templeton Global Investments, said the proposed IPO represents a defining moment for Uzbekistan's capital markets, with a focus on unlocking value in strategic assets.
The exact timing and valuation for Uznif's IPO in 2026 have not been disclosed, and the full list of companies in its portfolio beyond Navoi Mining remains unclear. This move follows a 2025 presidential decree that outlined state-backed companies for public market debuts, with other candidates including e-commerce platform Uzum and logistics firm Centrum, though their current status is uncertain. Uznif is likely to be the first major company to float on London's main market in 2026, ending a five-month dry spell of public debuts after listings in late 2025.
The proposed IPO of the national investment fund represents a defining moment for Uzbekistan's capital markets.
Other major IPO prospects for London in 2026 include Waterstones, RAC, and Vizma, but Vizma's plans for a near-future listing have been put on hold due to the 'Saas-pocolypse', the detailed impact of which is not specified. Jamshid Kuchkarov, Deputy Prime Minister of Uzbekistan, stated the proposed IPO represents an opportunity for investors to be part of Uzbekistan's economic transformation, with Uznif set up as a strategic vehicle to help transform state-owned enterprises.
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