The Uzbekistan National Investment Fund (UZSIF) has announced the start of an initial public offering (IPO) of ordinary shares and global depository receipts (GDRs), each representing 64,700 shares. Spot was informed about this by the fund’s press service.
The offering period for the IPO begins today and is expected to conclude on or around May 12, 2026 (at 12:00 UK time for the international offering and at 17:00 local time for the Tashkent offering).
The offer price has been set at:
- $25 per one GDR;
- 4.65 Uzbek soums per one share.
All securities in the offering will be offered by the Ministry of Economy and Finance as the sole shareholder.
UZSIF has applied for the admission of its ordinary shares to trading on the Republican Stock Exchange “Toshkent” and intends to apply for the admission of its GDRs to the “certificates representing certain securities (depository receipts)” category of the Official List of the UK Financial Conduct Authority (FCA), as well as to trading on the London Stock Exchange’s (LSE) main market for listed securities.
With a total number of issued shares of 5 trillion the offer price implies a market capitalization of the company of approximately $1.95 billion. The selling shareholder is offering approximately 30% of the company’s share capital as part of the IPO.
The final number of offered shares to be placed in the Tashkent offering and GDRs to be placed in the international offering will be determined at the sole discretion of the selling shareholder following consultation with the sole global coordinator and will be announced on or around May 13, 2026.
The offering consists of two tranches:
- an offering of ordinary shares to certain institutional investors in Uzbekistan and certain other jurisdictions, as well as to relevant retail investors — citizens of Uzbekistan and certain other jurisdictions;
- an offering of GDRs to certain institutional investors outside Uzbekistan.
Certain funds and accounts managed by BlackRock, Franklin Resources, Redwheel, and two treasury companies wholly owned by the Allan & Gill Gray Foundation, acting as cornerstone investors, have entered into agreements with the company and the selling shareholder to subscribe for GDRs for an aggregate amount of approximately $300 million at the offer price, subject to certain standard conditions.
Individual investors participating in the Tashkent offering are entitled to a 5% discount on the offer price for the offered shares on orders up to 12 billion Uzbek soums (approximately $1 million at the official exchange rate). In this case, such investors will pay 4.41 Uzbek soums per offered share.
Retail investors can place orders for the offered shares through local managers (Alkes Research, Avesta Investment Group, and Bluestone Financial Group Inc) or, for orders up to 200 million Uzbek soums, through the Jett website and mobile application.
Eligible retail and institutional investors are encouraged to open brokerage accounts in Uzbekistan in advance to place orders for the offered shares in the Tashkent offering.
Admission to the London Stock Exchange and the commencement of unconditional trading of GDRs on the LSE are expected to take place on or around May 18, 2026. The commencement of trading of shares on the RSE “Toshkent” is expected to take place on or around May 18, 2026.
In connection with the international offering, the Ministry of Economy and Finance intends to grant an over-allotment option of up to a maximum of 15% of the number of GDRs offered in the international offering.
The English version of this material was generated with the assistance of AI translation tools and may differ slightly from the original text.Previously, Spot wrote that the Central Bank of Uzbekistan had approved rules for unified QR codes.
