White & Case advises on UzNIF’s landmark IPO and dual LSE and TSE listing

Global law firm White & Case LLP has advised a syndicate of banks, including Jefferies as the sole global coordinator, on the initial public offering (IPO) of The National Investment Fund of the Republic of Uzbekistan JSC (UzNIF).

In addition to the LSE listing, UzNIF has also undertaken a concurrent listing on the Tashkent Stock Exchange. 

The total value of the offering amounted to US$600 million and UzNIF's market capitalisation at the commencement of trading was approximately US$1.95 billion. It is the first international IPO by an Uzbekistan company and ranks among the largest IPOs on the London Stock Exchange in recent years.

The IPO comprised a secondary offering of shares and global depositary receipts by the Ministry of Economy and Finance of the Republic of Uzbekistan, undertaken through an offering to international institutional investors outside of Uzbekistan and an offering to institutional and retail investors in Uzbekistan.

Launched in 2024 and managed by Franklin Templeton, UzNIF owns strategic stakes ranging from 25% to 40% in some of the country's most strategic state-owned enterprises spanning a diversified mix of utilities, telecommunications, energy production, banking and financial services as well as transportation services businesses.

The White & Case team in London which advised on the transaction was led by partners Inigo Esteve and Melissa Butler and included partner Kamilla Azamat and associates Amulang Povaeva, Shushi Hovannisian and Grigor Chobanyan.

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