Tashkent, Uzbekistan (UzDaily.com) — Yevgeny Antonov, First Deputy General Director of Navoi Mining and Metallurgical Company (NGMK), commented on the potential initial public offering (IPO) of the company during a conference organized by Fitch Ratings, Spot reported.

According to Antonov, the decision to conduct an IPO lies with the shareholder — the state — which currently owns 100% of the company.

Authorities view the IPO as part of a broader privatization strategy for state-owned assets.

In late April 2024, the president instructed that up to 5% of NGMK shares be offered through an international IPO, with a target timeline set for the third quarter of 2025.

"As of now, no concrete decisions have been made," Antonov emphasized.

He also noted that the company is currently working to become more transparent and attractive to potential investors. "When and if the shareholder decides to move forward with the IPO, we will be fully prepared," he added.

Antonov further stated that NGMK has committed to regularly issuing Eurobonds for investors.

In October 2024, the company launched two debut Eurobond issues, each worth $500 million, with maturities of four and seven years. In 2025, NGMK is also mandated to issue another $500 million in Eurobonds.

In March 2025, Bloomberg reported that NGMK was considering an IPO on the London Stock Exchange in the second half of 2025. According to sources familiar with the matter, the company’s valuation could exceed £4 billion ($5.2 billion) at the time of the offering. Investment bank Rothschild & Co. is advising on the IPO.