Tashkent, Uzbekistan (UzDaily.com) — The National Investment Fund of Uzbekistan is actively preparing for its initial public offering (IPO), according to Marius Dan, Managing Director for Central Asia at Templeton Global Investments, who made the announcement during the Tashkent International Investment Forum.

He stated that preparations for the listing are well underway, with the IPO expected to be completed in the first half of 2026.

“In my view, the structure of the fund is highly attractive. Its portfolio includes stakes in 18 state-involved companies operating in strategically important sectors — banking, energy, and logistics. Last week, we held a presentation in London on Uzbekistan and the National Investment Fund. I saw firsthand the strong investor interest. This confirms the solid global demand for investment opportunities in Uzbekistan,” Dan emphasized.

The National Investment Fund of the Republic of Uzbekistan was established as a joint-stock company under a Presidential Decree issued on 27 August 2024. The Fund holds minority shares — ranging from 20% to 40% — in 18 of the country’s largest state-owned enterprises. Currently, 100% of the Fund's shares are owned by the state.

The fund’s investments are managed by Templeton Global Investments, a subsidiary of the international financial group Franklin Templeton. The firm signed an official management agreement with Uzbekistan’s Ministry of Economy and Finance.