Cleary and White & Case line up on $2.4bn Uzbekistan wealth fund IPO

Cleary and White & Case have landed lead roles on the planned IPO of Uzbekistan’s national wealth fund, in a listing spanning London and Tashkent.

The National Investment Fund of Uzbekistan (UzNIF) is preparing to float on both exchanges, in what would mark London’s first major debut of 2026 and Uzbekistan’s first public market flotation as it pushes to attract more foreign investment.

Established in 2024, UzNIF is managed by US asset manager Franklin Templeton and holds a portfolio of state-owned enterprises worth around $2.44 billion.

The listing forms part of a broader scheme of reforms aimed at developing the central Asian country’s economy.

Advising 

Cleary is advising UzNIF on the flotation. The US firm has drafted a team led by London-based capital markets partners Chrishan Raja and David Gottlieb.

Tashkent firm Kosta Legal is also advising UzNIF.

White & Case is acting for the banks, led by London partners Melissa Butler and Inigo Esteve alongside Tashkent-based partner Kamilla Azamat.

Dentons Tashkent is also advising the banks, with partners Eldor Mannopov and Fayzulla Khusankhodjaev on the team.