UzNIF IPO: order book oversubscribed in 2.5 hours, applications accepted until May 12

The order book for the IPO of the national investment fund UzNIF was oversubscribed in 2.5 hours. The campaign launched on April 29 and is considered the largest public offering in Uzbekistan's history. Applications on the local market will be accepted until May 12, 2026.

Placement Parameters

UzNIF plans to place 30% of its shares on domestic and foreign exchanges. The price per share is 4.65 sum, with a 5% discount for residents. At this price, the capitalization is $1.95 billion, and the placement should raise a minimum of approximately $600 million. Previously, the largest IPO was UzAuto Motors with a volume of $5 million.

The placement is divided into two parts. The international segment involves investors outside the country who can purchase global depositary receipts (GDR). One receipt is valued at $25 and includes 64,700 shares. A two-week roadshow includes over 100 meetings in London, New York, Boston, Paris, Frankfurt, Vienna, Prague, Budapest, Warsaw, Tashkent and other cities.

Conditions for Retail Investors

On the local market, priority is given to retail investors. Individuals purchasing shares up to 12 billion sum (approximately $1 million) receive a 5% discount and pay 4.41 sum per share. The final number of shares will be determined by the shareholder, with results announced on May 13. Secondary trading in shares and GDRs is expected to begin on May 18, 2026.

Applications up to 200 million sum are accepted through the Jett app of broker Alkes, with a commission of 2.3%: for a 10 million sum purchase, the commission will be 230,000 sum. Avesta Investment Group and Bluestone Financial Group were also selected as underwriters; for amounts over 200 million sum, contact brokers directly.

Timeline and Franklin Templeton Position

According to Franklin Templeton, which manages the fund, the offering period for the local market should end on May 12, 2026 at 17:00 Tashkent time. Public holidays in Uzbekistan run from May 8 to 11 inclusive, so the company recommends opening and funding brokerage accounts in advance.

Valuation, Dividends and Liquidity

The net asset value of UzNIF is $2.44 billion, while the IPO values the fund at $1.95 billion, or 20% lower. Portfolio companies of the fund are required to pay dividends of at least 50% of net profit until 2030; the first annual payment is scheduled for 2027 based on 2026 results. Franklin Templeton notes there are no guarantees of active trading, but expects a broad investor base to form.

Upcoming Offerings

A number of issuers from the fund's portfolio plan their own IPOs. Uzbekistan Airways intends to go public in the second half of 2026, with Navoyuran planning to go public in the same period, though it is not part of the UzNIF portfolio.