Trading of UzNIF Securities to Start on May 18
The Republican Stock Exchange (RSE) Toshkent has officially added the Uzbekistan National Investment Fund (UzNIF) to its quotation list. According to the trading platform’s press service, active trading of these securities is scheduled to commence on May 18.
The fund’s ordinary shares have successfully entered the exchange’s Premium category and will be traded under the ticker symbol UZNF.
Subscription and trading details
Investors looking to capitalise on this offering have a limited window to participate. The subscription period for the shares will run until May 12, with the application process closing strictly at 12:00 UK time (17:00 local time in Tashkent).
The local placement is being coordinated by a consortium of investment intermediaries featuring Alkes Research, Avesta Investment Group and Bluestone Financial Group.
Commenting on the listing, representatives from the RSE noted that the placement is a vital component of the fund’s local initial public offering (IPO). The move is designed to expand opportunities for domestic and international investors to engage in public trading directly through Uzbekistan’s national stock market.
A dual listing strategy
Plans for the highly anticipated UzNIF IPO were initially revealed in early May. The placement of securities is being executed in a dual format, spanning both the domestic market in Uzbekistan and the international arena via the London Stock Exchange.
Pricing details for the monumental offering have already been established. A single Global Depositary Receipt (GDR) is priced at $25 while individual local shares are set at 4.65 soums. Based on these figures, the total valuation of the investment organisation stands at approximately $1.95 bn.
As part of this major financial initiative, the government plans to sell off approximately 30% of its total shares in the fund. All revenue generated from this significant state divestment will be funnelled directly into the national budget.
