Uzbekistan nationwide funding fund confirms London itemizing in uncommon increase to the City

Uzbekistan’s national investment fund has confirmed plans to list in London, marking the country’s first foray into global stock markets.

The Uzbekistan National Investment Fund said it had signed cornerstone agreements with funds including Blackrock and would go ahead with its IPO on the London and Tashkent stock exchanges.

The fund, run by asset manager Franklin Templeton, was established in 2024 as part of Uzbekistan’s economic reforms to attract outside investment and strengthen its capital markets.

‘UzNIF’s IPO represents an important milestone both for Uzbekistan’s capital markets and for UzNIF as an investment platform designed to provide exposure to one of Central Asia’s fastest growing economies for a wide range of investors,’ said Marius Dan, chief executive of Templeton Global Investments.

‘This IPO will be the first international equity offering from Uzbekistan, which is a testament to the country’s significant progress with its reform programme’.

UzNIF plans to list depositary receipts in London for international investors alongside its listing in Tashkent.

Coup for the City: It marks the first major listing for London this year following an IPO drought

The fund, which is chaired by Uzbekistan’s finance minister, says the total net asset value of the stakes held in its portfolio company is $2.44billion, with investments across transport, energy, telecoms, and banking sectors.

Uzbekistan’s national miner and fourth largest in the world, Navoi Mining and & Metallurgical Co, is also reportedly mulling a London listing this year.

UzNIF’s IPO is likely to be the City’s first major float this year amid concerns that the Middle East conflict and AI-induced sell-offs have derailed planned listings.

There had been growing optimism about IPOs this year after listings last year included tinned tuna firm Princes Group and the specialist lender Shawbrook.

Among those thought to be looking at floating in London this year are RAC, Waterstones and Monzo.

But investment bank Peel Hunt last month warned that companies were pausing near-term plans for IPOs because of market volatility.

Online travel agent Loveholidays looks set to delay its £1billion flotation amid disruption to travel plans caused by the war. And Norwegian software firm Visma may delay plans for a £16.5billion listing after a sell-off of software stocks.