Tashkent, Uzbekistan (UzDaily.com) -- The Uzbek Metallurgical Plant (Uzmetkombinat) in 2023 plans to hold an IPO (initial public offering) on a foreign stock exchange.

Uzmetkombinat on the Portal for discussion of draft regulations published a draft presidential resolution "On the development program of Uzmetkombinat JSC for the medium-term period 2022-2026 and the long-term period 2027-2030", which refers to plans for an IPO.

The draft resolution of the President notes that a roadmap for entering an IPO has been developed, which was agreed by the Ministry of Finance and approved by Deputy Prime Minister Jamshid Kuchkarov.

Also, Uzmetkombinat began work on the issue of eurobonds. The company is negotiating with investment banks to arrange a bond placement in 2022-2023. In preparation for the placement of eurobonds abroad in 2021, corporate bonds worth 50.0 billion soums will be issued in the domestic market.

The document notes that Uzmetkombinat plans to receive an international rating by the end of 2021. The company representatives have already held negotiations with Standard & Poor’s, Moody’s and Fitch Ratings.