The government and the Presidential Administration of Uzbekistan have announced the launch of a support program for private companies planning to list on stock exchanges. This program provides partial coverage of costs associated with Initial Public Offerings (IPOs) and aims to attract capital amounting to 1 billion US dollars.
Marius Dan, Chief Executive Officer of Franklin Templeton for Central Asia, presented this initiative during a panel discussion on capital and investment at the Silk Road Finance and Technology Forum in Tashkent on August 24, 2026. He noted that the goal of attracting $1 billion is fully achievable and stated that Franklin Templeton shares this objective, striving to secure additional funding for portfolio assets and expand Uzbekistan's overall capital market.
The launch of this incentive program followed the Initial Public Offering (IPO) of the National Investment Fund of Uzbekistan (UzNIF), which concluded with a dual listing on the stock exchanges of London and Tashkent in May. During this offering, the seller—the Ministry of Economy and Finance of Uzbekistan—raised $692 million, while investor demand reached $2.9 billion.
Since the listing, UzNIF shares have increased by more than 50% and are trading at a premium of approximately 10% to net asset value. This is a rare occurrence for investment funds of this type, which typically trade at or below net asset value.
Franklin Templeton oversees 13 state-owned companies within the fund's portfolio. These include SQB Bank, the national carrier Uzbekistan Airways, railway infrastructure assets, as well as enterprises in the energy and utility sectors. This year, all 13 portfolio companies transitioned to a corporate governance model with a majority of independent board members.
Franklin Templeton intends to bring additional portfolio assets to public trading in the coming years, including SQB Bank, Uzbekistan Airways, and companies in the telecommunications and hydropower sectors. Marius Dan added that the success of the initial fund offering should pave the way for private Uzbek companies wishing to raise capital through public share offerings.