Uzbekistan National Investment Fund (UzNIF) Confirms Intention to Conduct an IPO
2026-04-16
The Joint-Stock Company “Uzbekistan National Investment Fund” (UzNIF) has confirmed its intention to carry out an initial public offering (IPO) and announced the key parameters of the offering.
The offering is planned to be conducted in two segments:
- ordinary shares — on the Republican Stock Exchange “Toshkent”;
- global depositary receipts (GDRs) — on the London Stock Exchange.
As part of the international tranche, agreements have been reached with major institutional investors — including funds managed by BlackRock, Franklin Resources, and Redwheel, as well as entities affiliated with the Allan & Gill Gray Foundation — to subscribe for GDRs totaling approximately USD 300 million.
The securities will be offered in accordance with applicable national and international regulations to institutional investors and qualified retail investors.
All securities will be offered by the Ministry of Economy and Finance of the Republic of Uzbekistan, and the company itself will not receive proceeds from the offering.
The final size of the share and GDR offering will be determined by the seller in consultation with the Sole Global Coordinator, based on the outcome of the book-building process.
As part of the international offering, the seller will grant an over-allotment option of up to 15% of the total GDR volume.
The Tashkent offering will be conducted by Alkes Research, Avesta Investment Group, and Bluestone Financial Group (together, the Local Managers) in cooperation with the Sole Global Coordinator and Joint Bookrunners.
The Bank of New York Mellon has been appointed as the depositary bank for the GDR program. Debevoise & Plimpton and Centil Law Firm act as legal advisors.
The final price and offering size will be determined based on investor demand. This information is expected to be announced in mid-May 2026.
This IPO will be the first international public offering in the history of Uzbekistan’s capital market and reflects the country’s growing investment attractiveness as well as its ongoing integration into global financial markets.