Uzbekistan has temporarily suspended preparations for the initial public offering of the Navoi Mining and Metallurgical Combine, one of the world’s largest gold producers, as the government reassesses market conditions and the optimal parameters for what would be one of Central Asia’s most significant capital markets transactions.
According to sources cited by UzDaily, the government is reviewing both the timeline and the structure of the IPO, with all previously discussed schedules now open-ended. Earlier plans had envisaged a dual listing on the London and Tashkent stock exchanges, with a target of selling up to 5% of the company’s shares on international markets — a strategy that had already superseded an earlier consideration of a domestic “people’s IPO” format. Two percent of NGMK’s shares had been transferred to Uzbekistan’s State Assets Management Agency to support pre-sale preparation and deal structuring.
Analysts suggest the pause may reflect concerns that partial privatisation could reduce the dividend flow the state currently receives from the company — a significant consideration given NGMK’s financial performance. In 2025, the combine produced approximately 3.2 million ounces of gold, with revenues rising 46% to $10.8 billion and pre-tax profit surging 71% to $6.1 billion. At that scale, even a modest reduction in state dividend receipts would represent a material budgetary impact.
The suspension does not signal a retreat from Uzbekistan’s broader privatisation programme. Other candidates previously mooted for public listings include uranium producer Navoiyuran and the national carrier Uzbekistan Airways, and the government has indicated it intends to continue advancing those processes alongside a reassessment of NGMK’s IPO parameters, format and potential listing venues.
