The initial public offering (IPO) of shares of the Joint-Stock Company “National Investment Fund of the Republic of Uzbekistan” (UzNIF) has been successfully completed and recognized as one of the largest IPOs in the history of Uzbekistan’s capital market.

According to the IPO results on the “Toshkent” Republican Stock Exchange:

- 47.94 billion shares were placed;

- 4,943 transactions totaling UZS 214.61 billion (USD 17.78 million) were executed.

As part of the international offering, the placement price of Global Depositary Receipts (GDRs) on the London Stock Exchange was set at USD 25 per GDR (one GDR represents 64,700 shares).

The total gross proceeds raised through the international offering (excluding any GDRs that may be issued pursuant to the option) amounted to approximately USD 603.6 million.

In addition, based on the offering price, the Fund’s market capitalization was valued at approximately USD 1.95 billion.

For reference, the IPO of the Joint-Stock Company “National Investment Fund of the Republic of Uzbekistan” (UzNIF) currently ranks as the largest IPO completed in London in 2026. It is also the largest IPO among closed-end investment funds in London since 2021. Furthermore, the offering has been recognized as the second-largest IPO in Europe by volume this year.

It should also be noted that secondary market trading of UzNIF shares under the ticker symbol UZNF on the “Toshkent” Republican Stock Exchange is scheduled to commence on May 18, 2026.