Secondary trading of the securities of the National Investment Fund of the Republic of Uzbekistan (UzNIF) has officially commenced on the Tashkent Stock Exchange and the London Stock Exchange. This milestone marks a significant new stage in the development of the country’s national capital market.

It should be recalled that this initiative is being implemented pursuant to Presidential Resolution No. PR-303 of the Republic of Uzbekistan dated August 27, 2024, “On the Establishment of the National Investment Fund of the Republic of Uzbekistan,” and is regarded as a strategic step toward advancing the country’s capital market to a new level.

UzNIF’s IPO became not only one of the largest public offerings in the history of Uzbekistan’s capital market, but also the largest IPO conducted on the London Stock Exchange in 2026 and the second-largest IPO in Europe by volume during the same period.

Secondary trading began on May 18 at 09:30 Tashkent time on the Tashkent Stock Exchange and at 12:00 on the London Stock Exchange.

At the opening of trading on the Tashkent Stock Exchange, UzNIF shares were priced at UZS 5.39 per share. On the London Stock Exchange, one GDR was priced at USD 27.50. Given that one GDR represents 64,700 shares, the equivalent value per share in national currency amounted to approximately UZS 5.094. As a result, the opening price on the Tashkent Stock Exchange was formed at a higher level than this benchmark.

According to the trading results of May 18:

• Highest price — UZS 7.5;
• Lowest price — UZS 5.07;
• Number of executed transactions — more than 4.2 thousand;
• Number of shares traded — 726 million;
• Total trading volume — nearly UZS 4.34 billion.

At the close of trading, the share price stood at UZS 5.46 per share. Consequently, this represented an increase of approximately 24% compared to the placement price set for retail investors and approximately 17% higher than the placement price established for legal entities and institutional investors.

It is noteworthy that the majority of transactions were conducted remotely by individual investors, including through the Jett platform and other digital trading platforms.

These results serve as practical evidence of the strong confidence in and growing interest toward Uzbekistan’s capital market, reflecting the country’s stable economic growth, improvements in the investment climate, and the logical continuation of comprehensive reforms being implemented in the sector.

In particular, these developments are regarded as the outcome of the policy pursued by the President of the Republic of Uzbekistan aimed at developing the capital market, as well as the result of the systematic and coordinated efforts of the National Agency for Perspective Projects of the Republic of Uzbekistan and the Ministry of Economy and Finance.