Kosta Legal advises on the over USD 690 million IPO of the National Investment Fund of the Republic of Uzbekistan (UzNIF)

Kosta Legal acted as Uzbek legal counsel in connection with the over USD 690 million initial public offering (IPO) of UzNIF, involving a dual listing on the Tashkent Republican Stock Exchange and the London Stock Exchange.

The transaction represents the first international public equity offering from Uzbekistan and marks a significant milestone in the continued development of the country’s capital markets.

The Kosta Legal team was led by partner Shukhrat Yunusov, with support from associate Dilshodbek Orifjonov and junior associates Islombek Ismatov, Shahzoda Khusenova and Alina Abdullaeva.

Kosta Legal advised on Uzbek law aspects of the transaction, including legal due diligence, regulatory and capital markets analysis, transaction documentation, preparation of the Presidential Resolution relating to the transaction, structuring matters and legal considerations relating to the dual listing framework. Kosta Legal also advised the Ministry of Economy and Finance of the Republic of Uzbekistan in connection with the IPO.

The matter is significant as it concerns the IPO of a sovereign-backed investment fund holding strategic state assets across key sectors of the Uzbek economy, with a market capitalisation of approximately USD 1.95 billion and portfolio holdings spanning the transportation, energy, telecommunications, utilities and banking sectors.

Shukhrat Yunusov commented: “We are proud to have supported UzNIF on this transformational transaction. As the first international public equity offering from Uzbekistan, the IPO represents a defining milestone in the evolution of the country’s capital markets and demonstrates the growing sophistication, openness and international attractiveness of Uzbekistan’s financial and investment landscape.”

Announcement of the IPO results can be accessed here: https://lnkd.in/eQFszCeg