On May 18, a ceremony dedicated to the initial public offering of shares of the National Investment Fund of Uzbekistan (UzNIF) will take place at the London Stock Exchange. This event is hailed as one of the most significant milestones in the country's modern financial history and a key signal of global market confidence in Uzbekistan's economic reforms under President Shavkat Mirziyoyev.

The event will be attended by Saida Mirziyoyeva, head of the Presidential Administration, and Obid Khakimov, presidential adviser on economic policy.

Interest from major international financial institutions in the UzNIF IPO demonstrates growing investor confidence in Uzbekistan and the readiness of global capital to support economic modernization, corporate governance development, and increased transparency in state-owned companies.

As part of the IPO preparation, Franklin Templeton, the management company, held over 80 group and individual meetings with 170 investors from the UK, US, and European countries including Germany, France, Czech Republic, Hungary, and Poland between April 28 and May 12.

Leading international financial institutions were engaged for the offering. Underwriters include Jefferies, Wood & Company, Auerbach Grayson, RBI, and ADCB. Bank of New York Mellon was selected as custodian and depositary, while STJ Advisors and ScholzvonGleich acted as placement advisors.

It was decided to place 30% of the fund's shares on the international exchange in the form of global depositary receipts, with an additional 4.5% under the greenshoe option stabilization mechanism. Another 0.82% of shares will be placed on the Republican Stock Exchange 'Tashkent'.

UzNIF was established in August 2024 by presidential decree. The fund manages stakes in 13 major state-owned companies, with total net assets valued at $2.4 billion. The portfolio includes strategic enterprises such as Uzbekistan Airways, Uzbekhydroenergo, Uzbektelecom, Uzsuvtaminot, and Uzpromstroybank.

Source: kun.uz