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The National Investment Fund of the Republic of Uzbekistan JSC, known as UzNIF, on Wednesday announced the launch of its initial public offering. UzNIF set an offer price of $25.00 per global depositary receipt, with one GDR representing 64,700 shares, and UZS4.65 per share for the IPO, implying a market capitalisation of around $1.95 billion with 5.054 trillion shares in issue. The fund intends to list its GDRs in London and shares in the Uzbek capital city of Tashkent. It expects conditional trading to begin around May 13, and reaffirmed its intention to complete admission to the London Stock Exchange, and start unconditional trading on both exchanges, around May 18. Uzbekistan’s Ministry of Economy & Finance will be offering the securities, as UzNIF’s sole shareholder. The IPO securities represent approximately 30% of UzNIF’s share capital. UzNIF also said that certain funds and accounts managed by Blackrock Inc, Franklin Resources Inc, Redwheel, and two treasury companies of the Allan & Gill Gray Foundation, have entered cornerstone agreements to subscribe for GDRs worth approximately $300 million in total. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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