UzNIF IPO raises USD603 million in "defining moment for Uzbekistan"

(Alliance News) - The National Investment Fund of the Republic of Uzbekistan JSC, known as UzNIF, on Wednesday launched its initial public offering in London.

UzNIF's global depositary receipts floated in London, with one GDR representing 64,700 shares. The offer price was set at USD25.00 per GDR, and UzNIF reported that it had raised USD603.6 million, valuing the company at about USD1.95 billion.

Conditional trading in the GDRs on the London Stock Exchange began on Wednesday under the symbols UZNF and UZ20, with unconditional trading expected from next week Monday.

In the Uzbek capital of Tashkent, ordinary shares will begin trading on or around next week Monday.

Uzbekistan's Ministry of Economy & Finance offered the securities, as UzNIF's sole shareholder prior to the IPO.

The fund says it sold a 31% stake through shares and global depositary receipts, with strong demand from international and local investors.

Cornerstone investors include funds and accounts managed by BlackRock Inc, Franklin Resources Inc, Redwheel and two wholly-owned treasury companies of the Allan & Gill Gray Foundation. Cornerstone commitments are for GDRs worth USD300 million in total.

Marius Dan, chief executive of Central Asia at Templeton Global Investments and General Director of FE Franklin Templeton Asset Management LLC, called the IPO "a defining moment for Uzbekistan and the development of its capital markets".

"It has provided an opportunity for local investors in Uzbekistan to participate in the IPO and own a part of the country's compelling growth story, and has opened the country to international equity investors."

FE Franklin Templeton Asset Management is a wholly-owned indirect subsidiary of Franklin Resources which was appointed as UzNIF's trustee and handed management powers in 2025.

Dan, who participated in the Tashkent offering alongside other members of the management team, continued: "This major milestone is also a testament to the global institutional investor confidence in UzNIF and Uzbekistan as a highly attractive investment destination, as well as a recognition of the country's economic reforms initiated and carried out under the leadership of President Shavkat Mirziyoyev.

"As the first international public equity transaction from Uzbekistan, it is expected to open further investment opportunities in the country for international and domestic investors by encouraging other companies in the country to access public capital markets, in addition to the IPOs planned for certain of UzNIF's portfolio companies."

By Holly Munks, Alliance News reporter

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