Uzbekistan’s National Investment Fund launches dual IPO in Tashkent and London

The National Investment Fund of Uzbekistan (UzNIF) has officially announced the launch of its initial public offering (IPO), marking the first time an Uzbek company has pursued a primary listing on an international stock market. The fund is offering its shares through a dual-listing structure on both the Tashkent Stock Exchange (TSE) and the London Stock Exchange (LSE).

Under the terms of the offering, ordinary shares are priced at UZS 4.65 each on the Tashkent Stock Exchange. In London, the fund is offering Global Depositary Receipts (GDRs) at a price of $25 per unit, with each GDR representing 64,700 ordinary shares. To encourage local participation, retail investors in Uzbekistan are eligible for a 5% discount on orders up to UZS 12 billion, reducing their effective purchase price to UZS 4.41 per share.

The IPO intends to place approximately 30% of the fund’s total equity, amounting to 5 billion shares. At the announced offering prices, the market capitalization of the National Investment Fund is estimated at $1.95 billion. The subscription period opened on April 29 and is scheduled to close on May 12 at 17:00 Tashkent time (12:00 London time). Following the conclusion of the subscription, the final allocation will be announced on May 13, and secondary trading is expected to commence on May 18.

Retail investors within Uzbekistan can participate in the offering through established brokerage firms, including Alkes Research, Avesta Investment Group, and Bluestone Financial Group. Additionally, individuals can place orders for up to 200 million UZS via the Jett service, accessible through various mobile applications such as Multicard, Zoomrad, and MyUTC.

The National Investment Fund holds a strategic portfolio consisting of 25%-40% stakes in 13 of Uzbekistan’s largest state-owned enterprises. These assets span critical sectors including transport, energy, utilities, and telecommunications. As of December 31, 2025, the fund’s total portfolio was valued at $2.44 billion. Proceeds generated from the sale of these securities are slated to be transferred to the state budget.

This historic debut has attracted significant interest from major global institutional investors. Cornerstone investors including funds managed by BlackRock, Franklin Resources, and Redwheel, as well as two treasury companies wholly owned by the Allan & Gill Gray Foundation, have already reached agreements to subscribe to approximately $300 million worth of GDRs at the IPO price.