Uzbekistan continues opening its economy to foreign investors and is taking another significant step toward international capital markets. The newly established state investment fund UzNIF (National Investment Fund of the Republic of Uzbekistan) has entered the London market through an IPO, with WOOD & Company participating in the transaction as Joint Bookrunner alongside leading international banks.
UzNIF was established by presidential decree in August 2024 as Uzbekistan’s new state investment fund. Its objective is the efficient management of strategic stakes in key Uzbek companies and the further modernization of the country’s economy. The fund holds 25–40% stakes in major companies across sectors including banking, energy, and infrastructure.
The fund’s management has been entrusted to Franklin Templeton through its local entity FE “Franklin Templeton Asset Management” LLC, underscoring Uzbekistan’s ambition to align the management of state assets with international standards and strengthen foreign investor confidence. According to Zuzana Mora, Co-Head of Equities at WOOD & Company, the combination of Uzbekistan’s growing economy and Franklin Templeton’s experience represents a highly attractive opportunity for investors. Franklin Templeton also has extensive experience managing the Romanian restitution fund Fondul Proprietatea, which has delivered above-average returns to investors since its IPO through dividends, buybacks, and the IPO of Hidroelectrica.
As part of the IPO, approximately 31% of the company was sold through a secondary offering by the Uzbek Ministry of Finance. The primary international listing took place in London via GDRs. The offering price was set at USD 25 per GDR, implying a total market capitalization of approximately USD 1.95 billion.
WOOD & Company is acting as Joint Bookrunner in the transaction alongside other international banks, while the lead coordinator of the offering is the American investment bank Jefferies. Conditional trading on the London Stock Exchange commenced on May 13, 2026, while settlement and the start of full trading took place today, May 18, 2026.
The transaction attracted very strong interest from institutional investors. Cornerstone investors include BlackRock, Franklin Resources, and Redwheel, which have committed approximately USD 300 million in investments.
The UzNIF IPO also represents an important milestone in the broader strategy of the president and the Uzbek government aimed at economic liberalization, attracting foreign investment, and deeper integration with Western capital markets.