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Navoi GMC is preparing for an IPO and can become the fourth gold miner in the world
Tashkent, Uzbekistan (Uzdaily.uz) - Navoi GMC (NGMK) JSC, the largest state mining company in Uzbekistan, is preparing for the primary public deposit of shares (IPO), which can make it the fourth in the size of a publicly traded gold miner in the world. It is reported by Bloomberg.
The company introduces about 6.5% to the country`s GDP and is one of the largest employers of Uzbekistan. In her portfolio, in addition to gold, uranium, copper, silver, molybdenum, zinc, tungsten and rare -earth elements are represented. The main asset of the NGMK is the Muruntau deposit, the largest gold mining quarry in the world, which produces about 60 tons of gold annually.
IPO is planned as part of the privatization program, the government intends to sell up to 5% of the company’s shares, which can estimate the NGMK at $ 20 billion, taking into account debt obligations.
According to the April Decree of the President, the shares will be placed simultaneously in the Uzbek market and abroad.
IPO consultants are Citigroup Inc., Morgan Stanley and JPMorgan Chase & Co., and RothSchild & Co.
The decision to conduct IPO is related to rising gold prices. Over the past three years, the cost of gold has almost doubled: in April of this year, the price reached a record $ 3,500 per ounce. Analysts expect a high demand for gold to remain, which makes placement especially profitable.
For London, the IPO NGMK can become an important incentive, since the British market has survived the worst first half of the IPO for almost three decades. Historically, London is popular with mining and companies from developing markets.
According to the annual report of the NGMK, last year the company received about $ 4 billion of operating profit, producing 3.1 million gold ounces and providing $ 7.4 billion revenue.
The double placement of shares in the UK and Uzbekistan should give a significant financial effect and at the same time correspond to the goals of the government in privatization.
Thus, the successful IPO NGMK can be a key event for the financial market of Uzbekistan, attract international investment and increase the transparency and investment attractiveness of the country`s mining industry.
Earlier, in October 2024, the Navoisky GMC attracted $ 1 billion due to the release of bonds traded in London. In May 2025, the company posted international bonds of $ 500 million.
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