The National Investment Fund of the Republic of Uzbekistan (UzNIF) has announced the results of its initial public offering (IPO), according to Franklin Templeton, the fund’s management company, in a statement to Gazeta.uz.
The offering comprised ordinary shares and Global Depositary Receipts (GDRs) made available to investors. All securities offered in the IPO were sold by the Ministry of Economy and Finance, acting as the company's sole shareholder.
During the placement, the Ministry offered a combined total of 1.56 trillion shares in the form of ordinary shares and GDRs, representing 31% of UzNIF's share capital. This figure excludes any GDRs that may be issued under the over-allotment option. One GDR represents 64,700 ordinary shares.
Previously, a presidential decree issued in February (PP-74) had mandated that an IPO of an equity stake in UzNIF of up to 30% of its charter capital be conducted on both international and domestic stock markets before the end of 2026.
The total amount raised reached approximately $603.6 million, excluding the GDRs that may be issued under the over-allotment option. If that option is exercised, the total figures could climb to $692 million, increasing the portion of shares sold to 35%. Because all the securities were sold by the current sole shareholder (the Ministry of Economy and Finance), the company itself will not receive any proceeds from the IPO.
The offering price was set at $25.00 per GDR, while ordinary shares were priced at 4.65 soums each. Eligible retail investors who applied through the Tashkent portion of the offering for amounts up to and including 12 billion soums received a discounted price of 4.41 soums per share, reflecting a 5% markdown.
The offering was split into two tranches. Under the Tashkent offering, 47.94 billion shares (roughly 3% of the total offering) were allocated to institutional investors in Uzbekistan and select foreign jurisdictions, as well as retail investors who are citizens of Uzbekistan or other approved countries.
Under the international tranche, 1.516 trillion shares were allocated to specific institutional investors outside of Uzbekistan in the form of 23.44 million GDRs, excluding any securities that might be issued under the over-allotment option.
Based on an outstanding share count of 5.05 trillion, the offering price implies a market capitalization for UzNIF of approximately $1.95 billion.
According to reports, demand exceeded the initial supply more than fourfold.
Certain funds and accounts managed by BlackRock, Franklin Resources, and Redwheel, alongside two treasury companies wholly owned by the Allan & Gill Gray Foundation, acted as anchor investors. They received full allocations in line with their commitments and will acquire GDRs totaling $300 million, subject to standard closing conditions.
Conditional trading of the GDRs on the London Stock Exchange is scheduled to begin on May 13. Official admission to the official list and the start of unconditional trading are expected around May 18.
UzNIF shares are also slated to trade on the Toshkent Republican Stock Exchange under the ticker symbol UZNF, with trading expected to commence around May 18.
Jefferies International Limited is serving as the sole global coordinator for the international offering. Legal counsel for the transaction is provided by Cleary Gottlieb, Kosta Legal, White & Case, and Dentons. The Bank of New York Mellon has been appointed as the depositary bank for the GDR program.
As of December 31, 2025, the fund's net asset value stood at $2.44 billion, though its market capitalization was subsequently valued at $1.95 billion based on the final IPO pricing. UzNIF's portfolio comprises minority stakes in 13 state-owned enterprises, including Uzbekistan Airways and Uzbektelecom.
A strict dividend policy is considered one of the primary drivers drawing retail and institutional interest to UzNIF. The fund's portfolio companies are legally mandated to pay out dividends equivalent to at least 50% of their net profits until 2030.
Furthermore, the government plans to launch individual IPOs for six of the fund's asset companies before the end of 2028.
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