Uzbekistan suspends preparations for NGMK IPO plans

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan has temporarily suspended preparations for the initial public offering (IPO) of Navoi Mining and Metallurgical Company (NGMK), one of the world’s largest gold producers, Bloomberg reported, citing sources familiar with the matter.

According to the sources, the government is reviewing the timing and conditions of a potential stock market listing, assessing the most appropriate moment for the transaction.

The IPO was initially planned for the London Stock Exchange and the Tashkent Stock Exchange. However, the timeline for implementation and the question of its possible resumption remain uncertain, the sources said, speaking on condition of anonymity due to the non-public nature of the discussions.

Uzbekistan, one of the largest economies in Central Asia, has in recent years been actively advancing a privatization programme involving major state assets through public listings. The initiative is being implemented under previously approved presidential reforms that envisage the gradual sale of several state-owned enterprises.

NGMK has traditionally been regarded as a flagship asset in this process. However, according to the sources, priority in the first wave of IPOs was given to the Uzbekistan National Investment Fund (UzNIF), whose listing has already taken place on the London Stock Exchange and is in its final settlement stage.

Navoi Mining and Metallurgical Company plays a strategic role in the national economy. With gold production of around 3.2 million ounces in 2025, the company ranks among the world’s leading gold producers.

Financially, NGMK reported a 46% increase in revenue to US$10.8 billion, while profit before tax rose by 71% to US$6.1 billion.

Gold remains one of Uzbekistan’s key export commodities and an important component of the country’s international reserves. The central bank is among major buyers of the precious metal, contributing significantly to reserve assets.

Sources close to the discussions said one of the reasons for revising the IPO timeline was concern over a potential reduction in budget dividend inflows in the event of changes in ownership structure.

A NGMK representative previously said the decision to proceed with an IPO lies with the shareholder and would be officially announced if approved. The Ministry of Economy and Finance did not provide comments on the matter.

Despite the pause in NGMK’s IPO preparations, Uzbekistan is expected to continue implementing its broader privatization programme. Potential future candidates for listings have previously included uranium producer Navoiuran and national carrier Uzbekistan Airways.