The government of Uzbekistan has raised $603.6 million by selling a 31% stake in the National Investment Fund (NIF) through an initial public offering (IPO), marking one of the largest privatization deals in the country's history.

The fund's market capitalization reached $1.95 billion. Including an over-allotment option for additional GDRs, the sold stake could increase to 35%, with total proceeds potentially reaching $692 million.

The offering was conducted simultaneously on local and international stock markets. On the Tashkent Stock Exchange, approximately 47.9 million shares were sold. Individual investors who submitted orders up to 12 billion soums received shares at a 5% discount.

On the London Stock Exchange, about 1.5 trillion shares were sold in the form of 23.4 million Global Depository Receipts (GDRs) at $25 each. An additional 3.5 million GDRs may be placed within the next 30 days.

This is the first international public debut of an Uzbek company. Trading of GDRs on the London Stock Exchange is expected to begin conditionally on May 13, with unconditional trading starting May 18. Secondary trading of shares will also launch on the Tashkent Stock Exchange.

Source: kun.uz