The National Investment Fund of Uzbekistan has completed its initial public offering, raising approximately $603.6 million. Franklin Templeton, which manages the fund's assets, acted as the organizer of the process. The sole seller of the share package was the Ministry of Economy and Finance of Uzbekistan.

As part of the IPO, investors were offered about 31% of the fund's capital in the form of ordinary shares and global depository receipts. One GDR is equivalent to 64,700 shares, and the placement price was $25 per receipt. For local investors in Uzbekistan, the terms were softer – with a discount to the share price. With the full exercise of the option, the deal volume could increase to $692 million, and the placement share to 35%.

Interest in the placement was high: demand exceeded supply by more than four times. Among the major participants in the deal were entities managed by BlackRock, Franklin Resources, and Redwheel, as well as the Allan & Gill Gray Foundation, which received significant stakes. The total capitalization of the fund after the placement is estimated at approximately $1.95 billion, and trading on international platforms and the Toshkent stock exchange is expected to begin in mid-May.