A new chapter has opened in the history of Uzbekistan's economy: the National Investment Fund has successfully completed its initial public offering (IPO). As a result of this major project, conducted simultaneously on local and international financial markets, a 31% stake was sold for $603.6 million.
Performance on the Tashkent and London markets
The distribution of shares provided broad opportunities for both local and foreign investors:
On the Tashkent Stock Exchange: Nearly 3% of the total shares offered (47.9 million units) found buyers. Special convenience was provided for individuals, with a 5% discount offered to those placing orders up to 12 billion UZS, and shares were sold at 4.41 UZS.
On the London Stock Exchange: Nearly 1.5 trillion shares were realized in the form of Global Depositary Receipts (GDRs). The price of each receipt was set at $25.
If the over-allotment option is fully exercised within the next month, the sold stake is expected to reach 35%, and the proceeds to $692 million. All these funds will be directed straight to the state budget.
A historic step and market capitalization
As a result of this placement, the total market value (capitalization) of the National Investment Fund reached $1.95 billion. This indicator serves as a unique incentive for major Uzbek companies on their path to accessing international capital markets.
"This IPO is the first public step for the country's companies on a global scale, opening new horizons for both local and international investors," said Marius Dan, Regional Director of Templeton Global Investments.
When will trading begin?
Important dates have been set for investors:
May 13: Conditional trading begins on the London Stock Exchange.
May 18: Full (unconditional) trading starts in London, and secondary market trading for shares begins in Tashkent.
This is an important recognition and achievement on the international stage, not only for the fund but for the entire Uzbekistan financial market.
Do you think the success of this IPO will accelerate the entry of other state-owned companies into the stock exchange?
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