Tashkent, Uzbekistan (UzDaily.com) — Navoi Mining and Metallurgical Company JSC (NGMK), Uzbekistan’s largest state-owned mining enterprise, is preparing for an initial public offering (IPO) that could make it the world’s fourth-largest publicly traded gold producer, Bloomberg reports.

The company contributes about 6.5% to the country’s GDP and is one of Uzbekistan’s largest employers. In addition to gold, its portfolio includes uranium, copper, silver, molybdenum, zinc, tungsten, and rare earth elements. NGMK’s flagship asset is the Muruntau deposit, the largest open-pit gold mine in the world, producing around 60 tonnes of gold annually.

The IPO is planned as part of the privatization program, with the government intending to sell up to 5% of the company’s shares, potentially valuing NGMK at US$20 billion, including debt obligations.

According to a presidential decree issued in April, the shares will be listed simultaneously on the Uzbek market and abroad.

Citigroup Inc., Morgan Stanley, and JPMorgan Chase & Co. are serving as IPO consultants, while Rothschild & Co. has been appointed as the placement adviser.

The decision to proceed with the IPO is linked to the surge in gold prices. Over the past three years, gold’s value has nearly doubled, reaching a record US$3,500 per ounce in April this year. Analysts expect demand for gold to remain strong, making the offering particularly advantageous.

For London, the NGMK IPO could be a significant boost, as the UK market has experienced its weakest first half for IPOs in nearly three decades. Historically, London has been a popular listing venue for mining and emerging market companies.

According to NGMK’s annual report, last year the company posted about US$4 billion in operating profit, producing 3.1 million ounces of gold and generating US$7.4 billion in revenue. The dual listing in the UK and Uzbekistan is expected to deliver substantial financial benefits while aligning with the government’s privatization objectives.

A successful NGMK IPO could become a landmark event for Uzbekistan’s financial market, attract international investment, and enhance transparency and investment appeal in the country’s mining sector.

Earlier, in October 2024, NGMK raised US$1 billion through a bond issuance listed in London. In May 2025, the company issued another US$500 million in international bonds.