UzNIF Starts Trading on London and Tashkent Exchanges

Tashkent, Uzbekistan (UzDaily.com) — Secondary trading in securities of the National Investment Fund of the Republic of Uzbekistan (UzNIF) officially commenced on 18 May on the Uzbekistan Stock Exchange and the London Stock Exchange, marking a new stage in the development of Uzbekistan’s capital market and its deeper integration into international financial markets.

The launch of trading was carried out in accordance with Presidential Resolution No. PP-303 dated 27 August 2024, on the establishment of UzNIF and is viewed as part of broader reforms aimed at developing the country’s stock market and increasing its investment attractiveness.

According to official materials, the placement became one of the largest public offerings in Uzbekistan’s history, as well as the largest IPO of 2026 on the London Stock Exchange and the second-largest by volume in the European region.

Trading began almost simultaneously on both platforms. On Uzbekistan Stock Exchange (UZSE), trading opened at 09:30 local time, while trading on the London Stock Exchange started at 12:00. At the opening in Tashkent, UzNIF shares were traded at 5.39 soums per share, while global depositary receipts (GDRs) on the London market were priced at US$27.50. Based on the established conversion ratio, one GDR corresponds to 64,700 shares, equivalent to approximately 5.094 soums per share.

By the close of trading on 18 May, the share price fluctuated between 5.07 and 7.5 soums. More than 4,200 transactions involving around 726 million shares were executed, with total turnover reaching approximately 4.34 billion soums. The session closed at 5.46 soums per share, around 24% above the placement price for retail investors and 17% higher than the level set for institutional investors.

Market participants noted that a significant share of transactions was carried out by retail investors remotely through digital platforms, including Jett and other online services. According to analysts, this reflects growing public participation in the stock market and the expansion of digital investment channels.

Official materials emphasized that the launch of UzNIF trading demonstrates increasing confidence in Uzbekistan’s financial system, continued development of the capital market, and the continuation of large-scale economic reforms aimed at improving the country’s investment climate.