Uzbekistan’s National Investment Fund Raises $603.6 Mln in Successful IPO
JSC National Investment Fund of the Republic of Uzbekistan (UzNIF) has officially announced the results of its initial public offering (IPO), the company told Kursiv Uzbekistan.
Key results of the offering:
- Total funds raised: Approximately $603.6 mln. The company will not receive any money from the sale of securities; all funds will be taken by the shareholder.
- Market capitalisation: At the time of the offering, the fund’s valuation stood at around $1.95 bn.
- Offering size: The Ministry of Economy and Finance of the Republic of Uzbekistan sold 31% of the fund’s share capital.
- Offer price: $25.00 per global depositary receipt (GDR) in London and 4.65 soums per share in Tashkent (a 5% discount applied for resident individuals in Uzbekistan submitting applications of up to 12 bn soums, reducing the price to 4.41 soums).
Demand distribution:
The offering was divided into two tranches. The bulk went to the international market, with over 1.5 trln shares (including those in the form of GDRs) allocated to investors outside Uzbekistan. Under the Tashkent offering, approximately 47.9 bn shares were distributed among local institutional and retail investors.
Anchor investors included major global funds such as BlackRock, Franklin Resources and Redwheel, which collectively purchased $300 mln worth of securities.
When will trading begin?
- London Stock Exchange (LSE): Conditional trading of GDRs under the tickers UZNF and UZ20 begins today, 13 May. Unconditional trading will launch on 18 May 2026.
- Tashkent Stock Exchange (TSE): Secondary trading in shares under the ticker UZNF is expected to begin on 18 May 2026.
Marius Dan, Managing Director for Central Asia at Templeton Global Investments, emphasised that the success of the UzNIF IPO should serve as an incentive for other Uzbek companies to enter the public markets, including those within the fund’s own portfolio.
