Joint Stock Company “National Investment Fund of the Republic of Uzbekistan” (UzNIF) announced that, as part of its initial public offering (IPO), the subscription period on the London Stock Exchange and the Republican Stock Exchange “Toshkent” will commence on April 29, 2026, and will close on May 12, 2026, at 12:00 (UK time) and 17:00 (Tashkent time), respectively.
Under the terms of the offering, one Global Depositary Receipt (GDR) represents 64,700 ordinary shares and is priced at USD 25.00. The price of one ordinary share is 4.65 UZS. Based on this valuation, the Fund's implied market capitalisation is approximately USD 1.95 billion.
The IPO represents approximately 30% of the Fund's share capital and is structured across two channels:
As part of the Tashkent offering, individual retail investors are entitled to a preferential 5% discount on applications of up to 12 billion UZS.
The IPO has attracted participation from major international investors, including BlackRock, Franklin Resources, and Redwheel, who have entered into cornerstone commitments to subscribe for GDRs totalling approximately USD 300 million.
Conditional trading of GDRs on the London Stock Exchange is expected to commence on 13 May 2026, with unconditional trading beginning on 18 May. Trading of shares on the Republican Stock Exchange "Toshkent" is also expected to begin on that date.
Retail investors may submit applications to purchase shares through local brokers or via the Jett platform. Investors are advised to open a brokerage account in advance in order to participate in the offering.