Uzbekistan’s TMK reviews 2028 IPO with Schroders, Citi, Sandglass Capital

Photo: TMK

BAKU, Azerbaijan, October 14. Uzbekistan’s Technological Metals Plant (TMK) has discussed plans for an initial public offering (IPO) in 2028 and access to international capital markets with representatives of British investment firm Schroders, U.S. investment fund Sandglass Capital Management and Citi, during a meeting in Tashkent on Oct. 14.

This was reflected in the statement by TMK, following a meeting held as part of an international investor visit to Uzbekistan, Kazakhstan and Georgia organized by Citi.

During the talks, TMK representatives presented the company’s development strategy, products, plans to expand production capacity and ongoing investment projects. The foreign investors expressed interest in the company’s projects.

The discussions focused on TMK’s plans to launch an IPO in 2028, including the potential to obtain an international credit rating and list its shares on a stock exchange.

The investors expressed readiness to provide practical support for these efforts. The parties agreed to continue their dialogue and explore further cooperation.

Schroders, a British investment management firm, managed £867.8 billion (about $1.15 trillion) in assets as of June 30, 2026, according to company figures.

Citi, headquartered in New York City, is a global financial services company providing corporate and investment banking, advisory services, and access to debt and equity capital markets. It operates in more than 180 countries and jurisdictions.

Sandglass Capital Management is a New York-based investment management firm founded in 2013 that specializes in emerging markets outside China. It invests in public and private markets, including sovereign and corporate securities, and focuses on opportunities involving emerging-market economies and companies.

TMK is involved in the development and processing of critical minerals and advanced materials. The company operates the Uzbekistan–Korea Rare Metals Center at its research and development park, where specialists work on high-purity metals, rare-element materials, nanomaterials and hard alloys for applications including microelectronics and advanced industrial technologies.