BlackRock and Franklin Resources to Invest $300M in UzNIF
Economy
Uzbekistan's economy is reaching a new level of global recognition: the National Investment Fund (UzNIF) has officially confirmed its plans for an Initial Public Offering (IPO) on two platforms simultaneously—Tashkent and London. The project has already sparked immense interest among the world's largest investment corporations, ready to inject hundreds of millions of dollars into the republic's assets.
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The Ministry of Economy and Finance of Uzbekistan will act as the selling shareholder, offering ordinary shares on the "Tashkent" Republican Stock Exchange and Global Depositary Receipts (GDRs) on the London Stock Exchange (LSE). A key signal for the market was the commitment of "anchor" investors: financial giants such as BlackRock, Franklin Resources, and Redwheel have already agreed to subscribe to GDRs worth approximately $300 million.
The placement process is divided into two tranches: a domestic tranche (for retail and institutional investors in Uzbekistan) and an international tranche (for global institutional players). The transaction is coordinated by leading global banks, including Jefferies International and Raiffeisen Bank. The final offering price and the number of securities to be sold will be announced in mid-May following the book-building process. For the international placement, an over-allotment option of up to 15% is also provided, highlighting the high expected demand for Uzbek assets.
The placement process is divided into two tranches: a domestic tranche (for retail and institutional investors in Uzbekistan) and an international tranche (for global institutional players). The transaction is coordinated by leading global banks, including Jefferies International and Raiffeisen Bank. The final offering price and the number of securities to be sold will be announced in mid-May following the book-building process. For the international placement, an over-allotment option of up to 15% is also provided, highlighting the high expected demand for Uzbek assets.
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