UzNIF’s base offering placed 31% of its share capital for approximately US$603.6 million before the greenshoe. The offer was priced at US$25 per GDR and UZS4.65 per ordinary share, implying a market capitalisation of approximately US$1.95 billion, with securities admitted in both London and Tashkent.
UzNIF completed a coordinated initial public offering through the London Stock Exchange and the Republican Stock Exchange “Toshkent”. The Ministry of Economy and Finance, as selling shareholder, placed an aggregate 1,564,342,270,687 ordinary shares — 31% of UzNIF’s share capital before any over-allotment — across the international GDR tranche and the domestic share tranche.
The base offer comprised 23,437,392 GDRs representing 1,516,399,262,400 shares for international institutional investors and 47,943,008,287 ordinary shares for eligible investors in Tashkent. At US$25 per GDR and UZS4.65 per ordinary share, the transaction value was approximately US$603.6 million. Each GDR represents 64,700 ordinary shares, and the offer price implied an equity market capitalisation of approximately US$1.95 billion.
The domestic leg was integral to the dual listing. UzNIF’s ordinary shares were admitted to the Premium category of the Stock Market platform in Tashkent under ticker UZNF and ISIN UZ7058980010, while the GDRs were admitted to the London Stock Exchange’s Main Market. A 5% discount, equivalent to UZS4.41 per share, applied to eligible individual investors on qualifying Tashkent applications. Secondary trading on both venues commenced on 18 May 2026.
Orders approached US$3 billion and exceeded the base offer by more than four times, according to the Ministry. Jefferies subsequently exercised the greenshoe in full for a further 3,515,608 GDRs at US$25, adding approximately US$87.9 million and taking the overall transaction value to about US$691.5 million. The demand and enlarged free float are significant market-development signals, but the investment case continues to depend on portfolio performance, governance, valuation discipline, liquidity and consistent post-listing disclosure.
This material is provided for general information only and does not constitute investment, legal or tax advice, or an offer or solicitation in any jurisdiction.