UzNIF’s IPO and Dual Listing in London and Tashkent

Cleary Gottlieb represented the National Investment Fund of the Republic of Uzbekistan (UzNIF), as issuer, and the Ministry of Economy and Finance of the Republic of Uzbekistan, as selling shareholder, on UzNIF’s landmark IPO and dual listing of global depositary receipts (GDRs) on the London Stock Exchange and ordinary shares on the Tashkent Stock Exchange.

The offering raised $603.6 million (before any exercise of the over-allotment option).

UzNIF holds minority stakes in 13 portfolio companies spanning a variety of industries, including energy and utilities, telecommunications, banking, and transportation.

The results of the offering were announced on May 13, 2026. Admission to trading of the GDRs in London took place on May 18, 2026. Trading of the issuer’s ordinary shares in Tashkent commenced on the same date.

The deal marked several milestones, being the first global equity offering (and first London listing) by an Uzbek company, the first major London IPO of 2026, and the first GDR listing under the revised UK Listing Rules.

The Cleary team was led by London capital markets partners David Gottlieb and Chrishan Raja.