MINEX Forum

Tag: Uzbekistan IPO

  • Uzbekistan Halts IPO Preparations for World-Class Gold Producer Navoi Mining as Government Reassesses Terms and Timing

    Uzbekistan Halts IPO Preparations for World-Class Gold Producer Navoi Mining as Government Reassesses Terms and Timing

    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with a target of selling up to 5% of the company’s shares on international markets — a strategy that had already superseded an earlier consideration of a domestic “people’s IPO” format.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.

  • Uzbekistan Moves Forward With Landmark UzNIF IPO in London as Navoi Mining Listing Slows

    Uzbekistan Moves Forward With Landmark UzNIF IPO in London as Navoi Mining Listing Slows

    Uzbekistan is preparing to launch its first-ever initial public offering in London, with the national investment fund UzNIF expected to proceed ahead of other major state-owned companies, according to people familiar with the matter. The offering — planned for both London and Tashkent — could begin as early as the first quarter of next year, marking a significant milestone in the country’s push to attract foreign capital.

    Work on the parallel IPO of Navoi Mining & Metallurgical Co., one of the world’s largest gold producers, has slowed, the sources said. Despite an April presidential decree calling for Navoi to list in London by the end of this year, officials now view that timeline as unlikely given ongoing internal discussions and the strategic sensitivity of the company.

    The IPO programme is a central component of President Shavkat Mirziyoyev’s broad privatization agenda aimed at deepening capital markets and drawing international investors. The April decree outlined an ambitious listing calendar for state-owned assets, while several private firms — including fintech platform Uzum and logistics operator Centrum — are also weighing public offerings. Uzbekistan’s debut listing in London is expected to establish a valuation benchmark for future issuers.

    UzNIF, managed by Franklin Templeton, has already chosen banks to arrange its IPO and has undergone a portfolio restructuring to improve its investor appeal. The fund’s holdings have been streamlined from 18 to 15 companies after the government reclaimed stakes in Uzbekistan Post, Uzbekistan Airports, and two regional lenders. In exchange, UzNIF received additional shares in existing portfolio companies and a 30% stake in Uzpromstroybank, the country’s second-largest bank. These adjustments lifted total assets under management to $1.93 billion, according to official data.

    A Franklin Templeton representative confirmed that UzNIF continues to target a first-half listing, noting that an update of the fund’s net asset value will be completed soon. Uzbekistan’s Ministry of Economy and Finance and the Presidential Office declined to comment.

    Meanwhile, the Navoi Mining IPO has encountered major concerns within the government, particularly over the potential impact on state revenue. Navoi is strategically vital: gold accounts for roughly 80% of Uzbekistan’s foreign reserves, and the company’s dividends — $1.7 billion in 2024 alone — contribute about 7.5% of annual government income. In the first half of 2025, Navoi’s profits nearly doubled to $1.5 billion as gold prices surged to record highs.

    Officials worry that taking the company public could reduce its dividend flows. President Mirziyoyev is expected to decide on the final timeline, but has not yet indicated when — or if — the sale will move forward. Navoi Mining has been working with Citigroup, JPMorgan, and Morgan Stanley on the potential offering and is seeking a valuation of around $20 billion including debt.

    At a recent conference in Tashkent, UzAssets CEO Bobur Abdinazarov said the state must carefully evaluate “optimal timing and market conditions,” noting that some major banks expect gold to reach between $5,000 and $6,000 an ounce.

    Market analysts say the government is likely to proceed cautiously. “Navoi is the crown jewel of Uzbekistan — strategically and politically — so they’ll likely keep it for later, when market depth and valuation visibility improve,” said Luis Saenz of Roemer Capital. “UzNIF, on the other hand, fits better as an earlier test case: it’s a cleaner, forward-looking growth story with less sensitivity, and it helps build the track record.”

  • Uzbekistan’s Navoi Mining Targets $20 Billion Valuation in Potential London–Tashkent IPO

    Uzbekistan’s Navoi Mining Targets $20 Billion Valuation in Potential London–Tashkent IPO

    Navoi Mining & Metallurgical Co. (NMMC), one of the world’s largest gold producers, has selected Citigroup, Morgan Stanley, and JPMorgan Chase to lead a possible dual listing in London and Tashkent, according to sources familiar with the matter. The Uzbekistan state-backed miner is eyeing a valuation of around $20 billion, including debt, buoyed by a near-30% surge in gold prices this year.

    The company is considering issuing London-listed global depositary receipts alongside a domestic listing in line with an April presidential decree requiring state-backed firms to go public both locally and internationally. NMMC is also working with Rothschild & Co. as an IPO adviser.

    The planned share sale, which could involve 10% to 15% of the government’s stake, forms part of Uzbekistan’s broader privatization drive. The same decree also calls for an IPO of 25% of the $1.7 billion national investment fund, UzNIF. Officials are still weighing which offering to launch first.

    Gold prices have roughly doubled over the past three years, hitting a record above $3,500 an ounce in April, driven by central bank purchases, investor demand, and heightened geopolitical risk. The rally has lifted mining stocks globally, with Newmont Corp. and Barrick Gold Corp. among those benefiting.

    NMMC, the world’s fourth-largest gold miner, produced 3.1 million ounces of gold last year, generating $7.4 billion in revenue and $4 billion in operating profit, according to its annual report.

    For London, the IPO could provide a much-needed boost after the exchange suffered its weakest first half for new listings in nearly 30 years. The city has long been a preferred destination for mining and emerging market listings.

    No final decision has been made on the offering’s timing or structure, and representatives for NMMC, the banks, and Rothschild declined to comment.