Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan’s National Investment Fund IPO has increased to US$691.5 million after the full exercise of the greenshoe option, according to information related to the placement.
Jefferies International Limited, acting as global coordinator of the initial public offering of the National Investment Fund of Uzbekistan (UzNIF), fully exercised the additional placement option (greenshoe option).
Under the option, an additional 3.51 million global depositary receipts (GDRs) were placed, provided by the Ministry of Economy and Finance of Uzbekistan. The placement price was US$25 per security, matching the IPO price. The total transaction value is estimated at approximately US$87.9 million, with settlement scheduled for 22 May.
Following the exercise of the option, the total IPO size increased from US$603.6 million to US$691.5 million. The free float share rose from 31% to 35% of the fund’s share capital.
On 29 April, UzNIF announced the launch of an IPO of up to US$1.95 billion, with shares listed on the Tashkent Stock Exchange and the London Stock Exchange. The placement price was set at US$25 per GDR and 4.65 soums per share.
The subscription period ended on 12 May. The order book was reported to have been more than three times oversubscribed, with overall investor demand significantly exceeding the offer size. Anchor investors included BlackRock, Franklin Resources, and Redwheel.
Including both the initial placement and the exercised option, total funds raised through the IPO amounted to US$603.6 million, while the fund’s market capitalization reached US$1.95 billion.
