UzNIF Executes Largest IPO in Uzbekistan History

Tashkent, Uzbekistan (UzDaily.com) — The initial public offering of the Joint-Stock Company National Investment Fund of the Republic of Uzbekistan (UzNIF) has been successfully completed, marking the largest IPO in the country’s history and one of the most significant capital market listings in 2026.

As part of the domestic offering on the Uzbekistan Stock Exchange, a total of 47.94 billion shares were issued. Investors executed 4,943 transactions worth a combined 214.61 billion Uzbek soums, equivalent to approximately 17.78 million US dollars.

A parallel international offering of global depositary receipts (GDRs) was carried out on the London Stock Exchange. The price of one GDR was set at 25 US dollars, with each receipt corresponding to 64,700 shares of the fund.

The total capital raised through the international placement amounted to approximately 603.6 million US dollars. Taking into account the IPO results, UzNIF’s market capitalization is estimated at around 1.95 billion US dollars.

The listing is described as one of the largest IPOs of 2026 on the London Stock Exchange in the investment fund segment and one of the biggest such offerings in Europe in terms of volume this year.

Trading of UzNIF shares on the secondary market of the Uzbekistan Stock Exchange under the ticker UZNF is scheduled to begin on 18 May 2026.