Navoi Mining and Metallurgical Company plans a London IPO that could value the company at £4 billion ($5.2 billion), aiming to boost the struggling IPO market. Rothschild & Co. is advising on the plans, and the listing may occur in the latter half of the year, contingent on the evolving details and timeline.
Navoi Mining & Metallurgical Company (NMMC), one of the largest gold producers globally, is preparing for a potential initial public offering (IPO) in London that could value the state-backed Uzbek miner at approximately £4 billion ($5.2 billion). Rothschild & Co. serves as the IPO adviser, and the listing may occur in the latter half of this year, according to confidential sources.
NMMC raised $1 billion through bonds listed on the London Stock Exchange last year, with Citigroup Inc. and JPMorgan Chase & Co. likely to play significant roles in the IPO process. The preparations are still in early discussions, and the details may be subject to change or delays; representatives from NMMC and the involved banks have not provided comments.
The proposed listing aligns with Uzbekistan’s broader initiative to privatize numerous state assets and would significantly bolster London’s IPO market, which has raised only $76 million this year. London is traditionally favored by mining companies; however, low valuations have led some firms to reassess their primary listings.
NMMC operates the Muruntau mine, one of the world’s largest open-pit gold mines, producing 2.9 million ounces of gold in 2023. The company possesses a mineral resource base of 148 million ounces and plays a crucial role in Uzbekistan’s economy by contributing nearly 20% to the state budget and employing over 47,000 individuals across its operations.
In summary, NMMC’s impending London IPO signifies a strategic move towards privatization by Uzbekistan, potentially enhancing London’s IPO landscape hindered by low valuations. As preparations continue, the future of this significant listing remains uncertain but pivotal for both NMMC and the broader mining industry in the UK.
Original Source: www.mining.com
