UzNIF Opens Doors to London and Tashkent Exchanges
Economy
Uzbekistan is ascending to a new financial height: The National Investment Fund (UzNIF) has announced the launch of a historic dual listing in Tashkent and London. This marks the first time domestic assets have become accessible to global giants like BlackRock, while simultaneously offering local retail investors unique terms and discounts.
The National Investment Fund of Uzbekistan (UzNIF) has officially launched its Initial Public Offering (IPO). The uniqueness of this deal lies in the simultaneous listing of shares on the Tashkent Stock Exchange (TSE) and Global Depositary Receipts (GDRs) on the London Stock Exchange. The price per share in Tashkent is set at 4.65 UZS, while the GDR price in London is $25 (one receipt is equivalent to 64,700 shares).
A loyalty program is available for citizens of Uzbekistan: individuals placing orders for up to 12 billion UZS receive a 5% discount, reducing the share price to 4.41 UZS. The fund plans to float 30% of its capital, corresponding to 5 billion shares. Based on these prices, UzNIF’s market capitalization is estimated at $1.95 billion.
The fund's portfolio is impressively robust, consolidating stakes in 13 of the country’s largest state-owned enterprises across the energy, transport, and telecommunications sectors. As of December 31, 2025, the total valuation of the fund’s assets stood at $2.44 billion. Proceeds from the IPO will be directed to the state budget.
The subscription period is already open and will run until 5:00 PM (Tashkent time) on May 12. Secondary trading on the TSE is expected to commence on May 18. The prestige of the deal is underscored by the participation of "anchor" investors such as BlackRock and Franklin Resources, who have already committed to subscribing for approximately $300 million worth of GDRs.
A loyalty program is available for citizens of Uzbekistan: individuals placing orders for up to 12 billion UZS receive a 5% discount, reducing the share price to 4.41 UZS. The fund plans to float 30% of its capital, corresponding to 5 billion shares. Based on these prices, UzNIF’s market capitalization is estimated at $1.95 billion.
The fund's portfolio is impressively robust, consolidating stakes in 13 of the country’s largest state-owned enterprises across the energy, transport, and telecommunications sectors. As of December 31, 2025, the total valuation of the fund’s assets stood at $2.44 billion. Proceeds from the IPO will be directed to the state budget.
The subscription period is already open and will run until 5:00 PM (Tashkent time) on May 12. Secondary trading on the TSE is expected to commence on May 18. The prestige of the deal is underscored by the participation of "anchor" investors such as BlackRock and Franklin Resources, who have already committed to subscribing for approximately $300 million worth of GDRs.
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