State Fund IPO Opens Door to Buy Into Uzbekistan’s Growth Story

Uzbekistan is kicking off a planned series of initial public offerings with the sale of about a 30% stake in the state investment fund, as part of the Central Asian nation’s push to entice international investors.

The government is offering shares in the National Investment Fund of the Republic of Uzbekistan, known as UzNIF, in London and Tashkent. The IPO is set to value the investment vehicle at $1.95 billion, a 20% discount to the pre-share listing net asset value, in a bid to drum up more interest. Many of the fund’s portfolio companies are slated for their own IPOs in the coming years.