Uzbekistan is preparing to launch its first-ever initial public offering in London, with the national investment fund UzNIF expected to proceed ahead of other major state-owned companies, according to people familiar with the matter. The offering — planned for both London and Tashkent — could begin as early as the first quarter of next year, marking a significant milestone in the country’s push to attract foreign capital.
Work on the parallel IPO of Navoi Mining & Metallurgical Co., one of the world’s largest gold producers, has slowed, the sources said. Despite an April presidential decree calling for Navoi to list in London by the end of this year, officials now view that timeline as unlikely given ongoing internal discussions and the strategic sensitivity of the company.
The IPO programme is a central component of President Shavkat Mirziyoyev’s broad privatization agenda aimed at deepening capital markets and drawing international investors. The April decree outlined an ambitious listing calendar for state-owned assets, while several private firms — including fintech platform Uzum and logistics operator Centrum — are also weighing public offerings. Uzbekistan’s debut listing in London is expected to establish a valuation benchmark for future issuers.
UzNIF, managed by Franklin Templeton, has already chosen banks to arrange its IPO and has undergone a portfolio restructuring to improve its investor appeal. The fund’s holdings have been streamlined from 18 to 15 companies after the government reclaimed stakes in Uzbekistan Post, Uzbekistan Airports, and two regional lenders. In exchange, UzNIF received additional shares in existing portfolio companies and a 30% stake in Uzpromstroybank, the country’s second-largest bank. These adjustments lifted total assets under management to $1.93 billion, according to official data.
A Franklin Templeton representative confirmed that UzNIF continues to target a first-half listing, noting that an update of the fund’s net asset value will be completed soon. Uzbekistan’s Ministry of Economy and Finance and the Presidential Office declined to comment.
Meanwhile, the Navoi Mining IPO has encountered major concerns within the government, particularly over the potential impact on state revenue. Navoi is strategically vital: gold accounts for roughly 80% of Uzbekistan’s foreign reserves, and the company’s dividends — $1.7 billion in 2024 alone — contribute about 7.5% of annual government income. In the first half of 2025, Navoi’s profits nearly doubled to $1.5 billion as gold prices surged to record highs.
Officials worry that taking the company public could reduce its dividend flows. President Mirziyoyev is expected to decide on the final timeline, but has not yet indicated when — or if — the sale will move forward. Navoi Mining has been working with Citigroup, JPMorgan, and Morgan Stanley on the potential offering and is seeking a valuation of around $20 billion including debt.
At a recent conference in Tashkent, UzAssets CEO Bobur Abdinazarov said the state must carefully evaluate “optimal timing and market conditions,” noting that some major banks expect gold to reach between $5,000 and $6,000 an ounce.
Market analysts say the government is likely to proceed cautiously. “Navoi is the crown jewel of Uzbekistan — strategically and politically — so they’ll likely keep it for later, when market depth and valuation visibility improve,” said Luis Saenz of Roemer Capital. “UzNIF, on the other hand, fits better as an earlier test case: it’s a cleaner, forward-looking growth story with less sensitivity, and it helps build the track record.”
