Preparations for NMMC's IPO continue, "Navoiyazot" undergoes financial recovery — SAMA

Preparations for the NGMK IPO continue, Navoiyazot is undergoing financial rehabilitation — SAMA

Preparations of the Navoi Mining and Metallurgical Combinat (NGMK) for an international initial public offering (IPO) have not been suspended, although previously set deadlines were postponed.

The head of the agency was asked why NGMK's initial public offering has been delayed for several years despite record growth in global gold prices.

Murodov stated that work to bring the company to the international stock market is ongoing.

"Bringing a company to an IPO is a process that may require several years. This process has not been stopped. We are currently transitioning the management system to international standards, and financial accounting — to International Financial Reporting Standards. Overall, we are in the process of transforming NGMK's management system," said the head of SAMA.

He recalled that one of the transformation stages was the division of the former state enterprise into three independent organizations.

This refers to JSC Navoi Mining and Metallurgical Combinat, the state enterprise Navoiyuran, and the state institution NGMK Foundation, which began independent operations on January 1, 2022.

According to Murodov, potential investors need to be shown sustainable financial results of the company.

"To go for an IPO, a certain track record is needed. That is, the company must have a history with positive, publicly disclosed performance metrics. Therefore, the process has not been stopped," he explained.

The head of the agency also commented on how the rise in global gold prices affects the prospects of the stock placement.

"A rise or fall in gold prices directly affects the financial and economic performance of the enterprise. During an IPO, to a certain extent, this can affect the business valuation. But the price at an IPO is determined based on international stock market quotes. Therefore, an increase or decrease in gold prices does not directly affect our plans for the IPO — it does not lead to their suspension or deferral," Murodov stated.

At the same time, he did not name a new estimated date for the placement.

As a reminder, according to a presidential decree dated April 19, 2024, it was expected to announce an IPO of up to 5% of NGMK shares in the third quarter of 2025.

Later, by a decree dated April 21, 2025, the stake for placement was increased to 10–15%, and the deadline for announcing the trading was set for the second half of 2025.

However, by October 2026, the IPO had still not taken place.

NGMK is among the top four largest gold mining companies in the world. According to the enterprise, in 2025 gold production amounted to 3.15 million troy ounces, an increase of 1.9%. Revenue grew by 46.4% to $10.83 billion, and adjusted EBITDA reached $6.95 billion.

In the first half of 2026, revenue increased by another 49.9% to $7.07 billion. The main factor was the rise in global gold prices, while physical production volume decreased by 1.8% to 1.51 million ounces.

The company publishes reporting under International Financial Reporting Standards (IFRS). On October 15, a week after the SAMA press conference, NGMK management also held a meeting with investors dedicated to financial results and corporate transformation.

A separate question concerned preparations for the privatization of Navoiyazot and thermal power plants.

Murodov reported that pre-privatization activities have already begun regarding Navoiyazot, but the process has not yet reached the direct sale of the enterprise.

"Navoiyazot is one of our large strategically significant assets in the chemical industry, one of the drivers of its development. Taking into account the location of the enterprise and the existing infrastructure there, a large chemical cluster will be created around it," he stated.

According to the head of SAMA, the next step will be the optimization of the company's asset structure.

"Now we have begun the financial rehabilitation of Navoiyazot itself. After relieving its balance sheet of several non-core assets and turning the enterprise into a 'clean asset', the next stage will be considered. For now, we have not reached this stage," Murodov noted.

He did not specify which exact facilities are planned to be removed from the balance sheet, what their value is, or when the direct sale might begin.

Back on April 6, President Shavkat Mirziyoyev reviewed the progress of preparations for the privatization of a number of large enterprises, including UzAuto Motors, Navoiyazot, and thermal power plants.

The creation of a chemical cluster in the Navoi region is provided for by previously adopted state decisions. In particular, a decree dated October 10, 2022, provides for the formation of the Navoi Chemical Technopark and the transfer of certain buildings, structures, and land plots of Navoiyazot to Uzkimyosanoat to organize a technological cluster.

Navoiyazot is one of the largest producers of mineral fertilizers and chemical products in Uzbekistan. The enterprise produces ammonia, urea, ammonium nitrate, polyvinyl chloride, and other types of products.

According to the company, at the end of 2025, production volume reached 7.3 trillion sum. The export plan was fulfilled by 104%.