London, UK, October 8, 2026 – The Caspian Policy Centre's (CPC) London office hosted a webinar titled, "Accessing Global Capital: Opportunities for the Caspian Region in London," bringing together financial and regional experts to examine how governments and companies throughout Central Asia and the South Caucasus can make greater use of London's capital markets. The discussion explored equity and debt financing, investor expectations, and the governance and regulatory requirements involved in accessing global capital.

The discussion was in part inspired by the May 2026 initial public offering (IPO) of Uzbekistan's National Investment Fund (UzNIF) on the London Stock Exchange, the first listing in London from Tashkent and a landmark transaction for the wider region.

James Sharp, CPC Advisory Board Member

James Sharp, Advisory Board Member at CPC, moderated the discussion and opened the program by highlighting the significance of the UzNIF offering. "As far as we understand, it was the first Uzbek listing in London, and also the largest IPO in London since 2021," Sharp said. He noted that the transaction involved an umbrella fund holding stakes in several Uzbek state-owned enterprises, rather than an individual company.

Sharp also placed the offering within the context of the Caspian region's growing geopolitical and economic relevance, pointing to the Middle Corridor, competition for critical minerals, and the Armenia-Azerbaijan peace process. He raised the question of whether the transaction could encourage other regional governments and companies to access international capital markets.

Karen Srapionov, Director of Investments, Franklin Templeton Asset Management FE LLC

Karen Srapionov, Director of Investments at Franklin Templeton Asset Management FE LLC, which serves as trustee of UzNIF, outlined the background of the offering. He explained that Uzbekistan had made significant progress in developing its international debt markets since 2018–2019, attracting growing investor interest in the country's economy and reform agenda. However, opportunities for international investors to gain direct equity exposure remained limited, despite earlier government efforts to develop local equity markets. Srapionov noted that the UzNIF offering was driven by a combination of strong investor demand and the Uzbek government's commitment to opening its equity markets to international capital.

"Within a year, we were able to execute the first public equity transaction out of Uzbekistan, both in London and in Tashkent," Srapionov said. He noted that the transaction included Uzbekistan's first global depository receipt (GDR) issuance and its first fungibility arrangement, allowing securities to be transferred between the two markets.

Srapionov clarified that the offering was structured as a secondary sale by Uzbekistan's Ministry of Finance, with proceeds going directly to the state budget. UzNIF holds minority stakes of between 24% and 40% in 13 strategic state-owned enterprises, with Franklin Templeton actively involved in improving their corporate governance.

"Now we have 11 out of 13 companies with what we call non-governmental majority boards," Srapionov said. He also highlighted a recent presidential decree requiring state-owned enterprises to move towards majority-independent supervisory boards, underscoring the government's broader commitment to corporate governance reform.

Chris McGahan, Senior Manager for Europe and Central Asia, London Stock Exchange Group

Chris McGahan, Senior Manager for Europe and Central Asia at the London Stock Exchange Group (LSEG), discussed London's appeal to international issuers. "London is by far and away the world's most international stock exchange," McGahan said, noting that 36% of listed companies are non-UK businesses and that the investor base comprises approximately 40% UK, 40% United States, and 20% from elsewhere.

McGahan highlighted the UzNIF offering and Lion Finance Group's entry into the FTSE 100 as recent developments generating greater investor interest in the wider Caspian region. He noted that UK- and Europe-focused funds are increasingly looking towards emerging markets for growth and diversification. He also pointed to existing regional representation on London's markets, including Kazakhstan's Kazatomprom and Georgian companies, while emphasising that relatively few Caspian businesses currently offer international investors direct equity exposure.

McGahan said the UzNIF transaction was already influencing discussions about future listings across the region. He also highlighted the UK government's support for international companies seeking access to London's financial markets.

Nick Kaufmann, Managing Director, Head of Equity Capital Markets & Syndicate, Wood & Company]

Nick Kaufmann, Managing Director and Head of Equity Capital Markets & Syndicate at Wood & Company, drew on his more than 30 years of experience in emerging-market privatisations to discuss the significance of the UzNIF offering.

"This is actually a really big sea change," Kaufmann said, describing a shift in how governments and investors approach emerging markets. He praised Franklin Templeton's development of a structure combining access to international capital with mechanisms for improving the governance of state-owned enterprises.

Kaufmann suggested that the model could be replicated elsewhere in the Caspian region, creating new opportunities for privatisation and international investment. He also highlighted the importance of developing domestic institutional investors, including through pension reform, and noted that the Middle Corridor would require substantial financing through both debt and equity markets.

Responding to a question about the pricing of UzNIF's offering, Kaufmann rejected suggestions that the shares had been deliberately underpriced, noting that the transaction had attracted strong demand and subsequently traded above net asset value. He described the offering as "a fantastic success story."

Farid Akhundov, Chairman of the Supervisory Board, Baku Stock Exchange

Farid Akhundov, Chairman of the Supervisory Board of the Baku Stock Exchange, discussed Azerbaijan's efforts to develop its capital markets and prospects for future privatisations.

"Capital market infrastructure in Azerbaijan must be as important as energy, gas, and electricity infrastructure," Akhundov said, stressing the importance of financial markets in supporting economic diversification. He also highlighted the significant increase in market activity in recent years.

Akhundov noted that eight state-owned companies had been identified for potential privatisation under a 2023 presidential decree, while Azerbaijan's central bank was preparing a new four-year capital markets strategy. He suggested that the UzNIF model could offer valuable lessons for Azerbaijan.

Asked whether London would be a natural destination for future Azerbaijani listings, Akhundov said, "I think that will be a very natural choice for the government." He pointed to existing investor familiarity with Azerbaijan, while also noting that the limited availability of investable securities remained a constraint.

Akhundov emphasised the importance of strengthening Azerbaijan's domestic market infrastructure and improving the Baku Stock Exchange's connectivity with international markets.

In his closing remarks, Sharp noted that the discussion had highlighted the positive outlook for the Caspian region and opportunities for further financial integration. He also acknowledged broader risks facing global financial markets, including geopolitical uncertainty and oil-price volatility.

The webinar underscored London's growing role as a gateway to international capital for the Caspian region and the potential for transactions such as the UzNIF offering to serve as models for future listings. Speakers emphasised the importance of corporate governance reform, stronger domestic capital markets, and sustained government commitment to attracting international investment.