Uzbekistan Investment Fund Raises Over US$600 Million in IPO

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan’s National Investment Fund completed its initial public offering, raising approximately US$603.6 million, according to Franklin Templeton, which manages the fund.

The offering included both ordinary shares and global depositary receipts (GDRs), with all securities sold by the Ministry of Economy and Finance of Uzbekistan as the fund’s sole shareholder.

A total of 1.56 trillion shares were offered in the form of local shares and GDRs, representing 31% of the fund’s equity, excluding the overallotment option. One GDR is equivalent to 64,700 shares. Including the overallotment option, the deal size could increase to US$692 million, with the stake sold rising to 35%.

The GDR price was set at US$25. Ordinary shares were priced at 4.65 soums, while retail investors participating in the Tashkent tranche received a discounted price of 4.41 soums per share.

The offering was structured in two parts. In the domestic tranche, nearly 48 billion shares were allocated to institutional and retail investors in Uzbekistan and selected jurisdictions, representing about 3% of the total. The majority of the transaction was allocated to international investors, with 1.516 trillion shares placed with global institutions in the form of 23.44 million GDRs.

Demand for the securities exceeded supply by more than four times. Anchor investors included funds managed by BlackRock, Franklin Resources, and Redwheel, as well as two treasury companies owned by the Allan & Gill Gray Foundation. They received full allocations under their commitments and will purchase GDRs worth a total of US$300 million subject to standard transaction conditions.

Based on a total share count of 5.05 trillion, the fund’s market capitalization after the IPO is estimated at approximately US$1.95 billion. Net asset value at the end of 2025 stood at US$2.44 billion.

Conditional trading of the GDRs on the London Stock Exchange is expected to begin on May 13, with full admission to trading scheduled around May 18. The securities are also expected to be listed on the Tashkent Republican Stock Exchange under the ticker UZNF.

Jefferies International Limited acted as global coordinator for the international offering. Legal advisers included Cleary Gottlieb, Kosta Legal, White & Case, and Dentons, while The Bank of New York Mellon was appointed as the GDR depositary.

The National Investment Fund’s portfolio includes minority stakes in 13 state-owned companies, including Uzbekistan Airways and Uzbektelecom. One of the key factors supporting investor interest is the fund’s dividend policy, under which portfolio companies are required to distribute at least 50% of net profit as dividends until 2030.

By the end of 2028, IPOs are also planned for six companies within the fund’s structure.