Dentons advises underwriters on the US$690 million IPO of the National Investment Fund of the Republic of Uzbekistan (UzNIF)

By | May 21, 2026 |

Dentons has successfully acted as Uzbek legal counsel for underwriters involved in the initial public offering (IPO) of the National Investment Fund of the Republic of Uzbekistan (UzNIF), which raised US$690 million. This IPO marks a significant milestone as it is the first international public equity offering from Uzbekistan, featuring a dual listing on both the Republican Stock Exchange ‘Toshkent’ and the London Stock Exchange. The firm provided comprehensive legal advice throughout the transaction, which included structuring matters, regulatory analysis, and legal due diligence on UzNIF’s portfolio companies. The team, led by partners Eldor Mannopov and Fayzulla Khusankhodjaev, emphasized the importance of this transaction in promoting international investment and enhancing Uzbekistan’s capital markets framework. The IPO involved a consortium of international and domestic financial institutions, showcasing the country’s commitment to broadening investment opportunities and strengthening its regulatory environment.

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