The National Investment Fund of Uzbekistan (UzNIF) is proceeding with a dual listing on the London Stock Exchange (in the form of Global Depositary Receipts, GDRs) and the Republican Stock Exchange "Toshkent" (ordinary shares). The UzNIF IPO marks the first time a Uzbek state-owned asset has accessed international capital markets.

Key offering terms:

• Price: UZS 4.65 per share / $25.00 per GDR
• Market capitalisation: approximately $1.95 billion
• Free float: approximately 30% of share capital
• Subscription period: 29 April — 12 May 2026
• Expected start of trading: 18 May 2026

Anchor investors (BlackRock, Franklin Resources, Redwheel, and Allan & Gill Gray Foundation) have committed to subscribe for securities worth $300 million as part of the offering.

Individual investors may participate in the Tashkent offering through local brokers or the Jett mobile application.