Preparation for the initial public offering (IPO) of Navoi Mining and Metallurgical Combine (NGMK) – one of the world's largest gold producers – has been temporarily suspended. The government of Uzbekistan has decided to review the timing and conditions of the company's stock market debut to choose the most favorable moment. Initially, the placement was planned for the London and Tashkent stock exchanges.

NGMK remains a strategic asset for the country. In 2025, the combine produced approximately 3.2 million ounces of gold, its revenue grew by 46% to $10.8 billion, and pre-tax profit increased by 71% to $6.1 billion. However, authorities are concerned about a possible reduction in budget revenues from dividends after a change in ownership structure.

Despite the pause with NGMK, Uzbekistan continues its program of privatizing large state assets. Previously, priority was given to the National Investment Fund, whose IPO on the London Stock Exchange is in its final stages. In the future, "Navoiyuran" and Uzbekistan Airways may also go public.