Debevoise & Plimpton LLP has advised BNY, acting as depositary bank for the global depositary receipt (“GDR”) program of the National Investment Fund of the Republic of Uzbekistan (“UzNIF”), in UzNIF’s initial public offering (“IPO”) and the listing of GDRs on the London Stock Exchange.

The offering represents the first international public equity transaction from Uzbekistan.

The IPO comprised ordinary shares and GDRs. The GDRs were offered and sold in accordance with Regulation S and Rule 144A under the U.S. Securities Act of 1933, as amended, and in reliance on Section 3(c)(7) of the U.S. Investment Company Act of 1940, as amended.

The total gross proceeds from the IPO amounted to approximately $604 million, excluding any GDRs that may be sold pursuant to an over-allotment option.

For more information about the offering, please see UzNIF’s official release.

The Debevoise team was led by counsel Vera Losonci and included associates Zhenya Lebedev and Aleksei Shapovalov.