Uzbekistan’s Landmark IPO Expands after Full Greenshoe Exercise
Uzbekistan’s landmark international IPO has grown even larger after the full exercise of the over-allotment, or «greenshoe,» option tied to the National Investment Fund’s dual listing in London and Tashkent.
According to Investing.com, Jefferies International fully exercised the option for more than 3.5 mln additional Global Depositary Receipts at $25 each, adding approximately $87.9 mln to the transaction. The move increases the total value of the offering to nearly $692 mln.
The successful exercise of the greenshoe option is viewed as another strong sign of investor confidence in Uzbekistan’s economic reforms and future growth potential. Demand for the IPO exceeded $2.8 bn, with major institutional investors participating in the offering.
Market analysts say the deal could become a catalyst for future international listings by Uzbek state-owned and private companies. Officials have already announced plans for additional privatizations in sectors including mining, banking, aviation and infrastructure between 2025 and 2028.
The UzNIF listing was Uzbekistan’s first international IPO and became the largest listing on the London Stock Exchange so far in 2026.
