UzNIF Prepares for IPO While NGMK Slows Down

According to sources cited by Bloomberg news agency, Uzbekistan's National Investment Fund (UzNIF) is planning to hold an IPO in the first quarter of 2026. Meanwhile, preparations for the IPO of Navoi Mining and Metallurgical Combine (NGMK) have reportedly slowed down.

Bloomberg sources stated it might be challenging for NGMK to list its shares on the London Stock Exchange by the end of 2025. According to Bloomberg, the Uzbek government is concerned that NGMK’s IPO could reduce the substantial dividends the enterprise provides to the state budget.

"Mirziyoyev needs to make a final decision regarding the timing and necessity of the IPO, but he has not yet disclosed his position on the matter," the agency reports. NGMK’s press service has stated that it will not comment on specific dates for the IPO.

Investment company UzAssets has confirmed that preparations for NGMK’s IPO are underway, but detailed timelines have not been disclosed. Additionally, it is planned to list the shares of Navoiuran, Uzbekistan Airways, and Uzbekistan Airports by 2028.

Franklin Templeton Asset Management will assist in the IPO process. Read “Zamin” on Telegram!