UZSE: Uzbekistan National Investment Fund Joins Premium Listing

Tashkent, Uzbekistan (UzDaily.com) — Shares of the Uzbekistan National Investment Fund have been included in the premium segment of the official listing of the Uzbekistan Stock Exchange, according to the exchange’s press service.

From May 7, ordinary shares of the fund have been admitted to trading in the Premium category of the stock market under the ticker UZNF. The international securities identification code is UZ7058980010.

Trading in the shares is expected to begin on May 18.

On April 29, the fund announced the launch of an initial public offering of up to US$1.95 billion. Under the deal structure, the Ministry of Economy and Finance plans to place around 30% of the fund’s shares simultaneously on the Tashkent and London stock exchanges.

The offer price has been set at US$25 per global depositary receipt (GDR), with one receipt corresponding to 64,700 fund shares. The price of one share is set at 4.65 soums.

The subscription period is expected to run until May 12, closing at 12:00 London time and 17:00 Tashkent time.

Retail investors are offered a 5% discount for orders up to 12 billion soums. Participation in the IPO is available through local brokers or the Jett mobile application, with a limit of up to 200 million soums for individual investors.

On May 6, Spot reported that the order book for the placement of UZNF shares had been oversubscribed more than three times. The fund’s trustee, Franklin Templeton, declined to provide additional details.

Another source cited by the publication said that in the event of oversubscription, priority in allocation may be given to retail investors with orders up to 200 million soums.

On the same day, Bloomberg reported that the entire offering had already been oversubscribed. According to the report, cornerstone investors, including BlackRock, Franklin Resources, and Redwheel, subscribed to approximately US$300 million worth of the fund’s securities.