Largest London IPO in 2026 so far for Uzbekistan National Investment Fund

The National Investment Fund of Uzbekistan (UzNIF) has raised $604m on flotation on the London Stock Exchange. With a market capitalisation at the offering price of $1.95bn, this represents the largest London IPO, and the second largest European IPO in 2026 so far. This is the first ever global offering from Uzbekistan, with up to a 35% stake for sale.

The fund is managed by Franklin Templeton, with UzNIF owning strategic stakes in thirteen of the country’s state owned enterprises across telecommunications, banking, transportation, energy and utilities.

Global Depositary Receipts were listed, enabling access to institutional investors outside of Uzbekistan. $300m of the Global Depositary Receipts at IPO were bought by cornerstone investors such as BlackRock, Franklin Resources and Redwheel.