Jefferies Financial Group Inc., Raiffeisen Bank International, Wood&Co, Auerbach Grayson, and Abu Dhabi Commercial Bank are expected to arrange the deal.
The Uzbekistan National Investment Fund (UzNIF), established in 2024, holds minority stakes in 18 state-owned companies. Franklin Templeton, which began managing the fund earlier this year, has been working with STJ Advisors on the potential listing.
UzNIF is exploring a London listing through global depositary receipts to attract international investors. The fund has also approached Middle Eastern banks to tap capital from the region. No final decisions have been made regarding the timing, size, or venue of the listing.
The planned IPO aligns with Uzbekistan's broader push to privatize state assets. Navoi Mining & Metallurgical Company, one of the world's largest gold producers, is separately preparing an overseas listing that could also take place in London, potentially valuing the company at $20bn.
An Uzbek presidential decree mandates that the UzNIF float shares both in Tashkent and on an international exchange, though it does not specify the venue. The IPO is scheduled for the first half of 2026, according to the decree.
A London listing could provide a much-needed lift to the city's capital markets, which have been losing listings to rival financial centers.
In May, Franklin Templeton began managing UzNIF to enhance state-owned enterprises, support economic reform, and attract international investors. The firm opened a Tashkent office staffed with investment, legal, compliance, and investor relations experts, integrated into its global network of over 100 professionals across 17 countries.
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