By 2025, Uzbekistan plans to conduct IPOs at 30 of the country's major companies, said the Minister of Economic Development and Poverty Reduction Jamshid Kuchkarov at the Tashkent Economic Forum.
“To investors, I want to tell that by 2023 we plan to conduct an IPO of 10 large companies, by 2025 - 20 of the largest companies in Uzbekistan,” the minister said.
For the largest companies - including the Navoi Mining and Metallurgical Complex (NMMC), the Almalyk Mining and Metallurgical Complex (AMMC), Uzbekistan Airways, Uzmetkombinat, Uzbekneftegaz and Uztransgaz - there are plans to hold an IPO in Tashkent and on a foreign stock exchange (which one is still under consideration).
The Ministry of Energy previously reported that Uzbekneftegaz would place up to 49% of its shares in an IPO no later than 2024, which is the first big step for state-owned companies of this level. The issue of holding an IPO for Uztransgaz and Khududgaztaminot is also being studied.
AMMC is preparing for an IPO in 2023. An independent external audit has already been carried out by Ernst & Young, and the international consulting company KPMG has undertaken an assessment of the company’s readiness for an IPO. In addition, the Uzbek Metallurgical Plant should go public in 2022, and the NMMC - by 2023.