London Stock Exchange welcomes the Uzbekistan National Investment Fund (UzNIF) to the Main Market through the admission of Global Depositary Receipts (GDRs). The Offer Price was set at USD 25.00 per GDR, with one GDR representing 64,700 ordinary shares, underpinning the London listing structure. The listing marks a historic milestone for Uzbekistan and its people, representing the country’s first international equity offering.

The first London initial public offering of Uzbekistan's National Investment Fund, which has raised more than $690 million this week, should trigger other listings by Uzbek ‌state and private firms, its chief executive said.

UzNIF is a strategic investment fund established in 2024 by the Government of the Republic of Uzbekistan, with a market capitalization of approximately USD 1.95 billion at the Offer Price. Managed by Franklin Templeton since 2025, the Fund holds strategic stakes of between 25% and 40% in 13 state‑owned enterprises across sectors including telecommunications, energy, transportation, financial services, and utilities. UzNIF plays a key role in attracting international investment, supporting major industries, and strengthening Uzbekistan’s integration into the global financial system.

Commenting on the occasion, Mr. Marius Dan, CEO, Central Asia, Templeton Global Investments, said: "UzNIF’s successful IPO is a historic milestone for Uzbekistan’s capital markets, driven by strong local and international demand. It opens Uzbekistan to global equity investors while enabling local participation in the country’s growth story. As a listed company, UzNIF remains focused on long‑term value creation and portfolio transformation."