Uzbekistan NIF Launches IPO Valued at US$1.95 Billion

Tashkent, Uzbekistan (UzDaily.com) — The National Investment Fund of the Republic of Uzbekistan (UzNIF) announced on April 29, 2026, the launch of its initial public offering (IPO), marking one of the most significant milestones in the country’s capital market development.

The offering price has been set at US$25 per global depositary receipt (GDR) and 4.65 Uzbek soums per ordinary share. With a total of 5.054 trillion shares issued, the company’s market capitalization is estimated at approximately US$1.95 billion.

The selling shareholder is the Ministry of Economy and Finance of the Republic of Uzbekistan, which is offering around 30% of the fund’s equity. UzNIF itself will not receive proceeds from the offering, as all funds will be transferred to the state as the sole current owner.

The offering is structured in two tranches. The first, the Tashkent tranche, targets institutional and retail investors in Uzbekistan and selected jurisdictions. Retail investors may apply through local placement managers or, for amounts up to 200 million soums, via the Jett website and mobile application. Individuals investing up to 12 billion soums are eligible for a 5% discount, purchasing shares at 4.41 soums per share.

The second tranche is international and is aimed at institutional investors outside Uzbekistan through the GDR mechanism. One GDR corresponds to 64,700 ordinary shares.

The transaction has attracted strong backing from major global investors. BlackRock, Franklin Resources, Redwheel, and two treasury companies fully owned by the Allan & Gill Gray Foundation have committed to purchasing GDRs worth approximately US$300 million, signaling strong international confidence in Uzbekistan’s capital market.

The offering period opened on April 29 and is expected to close around May 12, 2026. Conditional trading of GDRs on the London Stock Exchange is scheduled to begin around May 13, while unconditional trading on both the LSE and the Tashkent Stock Exchange is expected around May 18, 2026.

Jefferies International Limited serves as sole global coordinator. Joint bookrunners include Abu Dhabi Commercial Bank PJSC, Auerbach Grayson, Raiffeisen Bank International AG with ODDO BHF SCA, and WOOD & Company. Local managers in Tashkent include Alkes Research, Avesta Investment Group, and Bluestone Financial Group. The Bank of New York Mellon acts as depositary bank for the GDR program.

Franklin Templeton Asset Management, a subsidiary of Franklin Resources Inc. with more than US$1.68 trillion in assets under management, serves as the fund’s trustee.

UzNIF CEO Marius Dan described the IPO as a landmark event for both Uzbekistan and global investors, noting that it provides foreign investors with direct access to the country’s equity market for the first time. He also emphasized that the LSE listing integrates Uzbekistan into the global financial system and expands long-term investment opportunities in the national economy.

UzNIF was established in December 2024 following a presidential decree issued on August 27, 2024. The fund represents a diversified investment portfolio designed to reflect Uzbekistan’s ongoing economic transformation over the past decade. Standard share lock-up restrictions of 180 days will apply following admission to trading on the London Stock Exchange.