Uzbek sovereign fund debuts in London, raises $604 million in IPO

LONDON, May 13 (Reuters) - Uzbekistan's government raised $604 ​million ⁠through a listing of ​its National Investment Fund (UzNIF) with trading of Global Depository Receipts (GDRs) starting ​on ‌Wednesday on the London Stock Exchange.

The IPO marked the ⁠first time an Uzbek state-backed ⁠entity has tapped global ​capital markets.

* The government offered an aggregate amount of 1,564,342,270,687 shares though ordinary shares and GDRs, representing 31% of ​the ‌UzNIF's share capital listed in London and Tashkent, a statement from the fund said.

* The IPO was four times oversubscribed, UzNIF said.

* The ​size of the IPO could rise to $692 million, ‌accounting for over 35% of UzNIF's share capital.

* Conditional trading started on the ‌London Stock Exchange on Wednesday, unconditional trading as well as trading on the Tashkent Stock Exchange are expected to ​start on May 18.

* UzNIF was established by presidential ‌decree in August 2024 and holds stakes of between 25% and 40% in a number of key state-owned enterprises ⁠including ⁠utilities, energy production, telecommunications, banking and ‌transportation.

* Uzbekistan, the most populous country in Central Asia, has been ​pursuing an ​economic reform programme under President Shavkat ‌Mirziyoyev, who took office in 2016, though politics in the former Soviet republic remain tightly controlled. (Reporting by Karin Strohecker, editing by Anousha Sakoui)