Uzbekistan’s state‑backed National Investment Fund (UzNIF) is courting cornerstone investors for a London‑listed IPO, sources say. The move signals the fund’s intent to tap international capital markets after years of domestic focus. By anchoring the deal with blue‑chip names, UzNIF hopes to boost credibility and demand.

BlackRock Inc. and an affiliate of Franklin Templeton, which already manages parts of UzNIF, are among the firms approached. Investors will assess the fund’s track record and the projected valuation, which could shape the IPO’s pricing range. The engagement hints at a broader strategy to attract foreign expertise.

For investors, the deal represents a rare entry into Central Asian sovereign wealth activity. Successful placement could unlock access to a market that has limited liquidity and high regulatory scrutiny. Market watchers expect the IPO to set a precedent for other state funds seeking London listings.

If cornerstone commitments materialize, the IPO could launch with a valuation that positions UzNIF among the largest sovereign‑wealth‑backed listings in the region. The outcome will influence perceptions of Central Asian investment prospects and could encourage further capital flows into the country’s growth sectors.