Sarvinoz Ergasheva
Independent researcher at the Department of Corporate Finance
and Securities, Tashkent State University of Economics,
Tashkent, Uzbekistan. Email: meliboyeva.ergasheva@gmail.com
ORCID: 0009-0009-0337-6760
ABSTRACT. This research paper investigates the prospects for expanding the participation of metallurgical industry enterprises in the stock market of the Republic of Uzbekistan and enhancing their investment attractiveness. The relevance of the study is driven by the tasks set in the “Uzbekistan – 2030” strategy, which aims to increase the capitalization of the capital market and prepare large-scale state-owned enterprises, specifically the Navoi Mining and Metallurgical Company (NMMC) and the Almalyk Mining and Metallurgical Complex (AMMC), for Initial Public Offerings (IPO). Based on statistical data from 2020 – 2025, the study employs econometric modeling (multi-factor regression analysis) to examine the financial stability of metallurgical enterprises and the factors influencing their shareholder value. The results indicate that global metal prices (LME) and corporate dividend policies are the primary drivers determining stock quotations. Furthermore, the analysis of the Secondary Public Offering (SPO) of “Uzmetkombinat” JSC serves as a benchmark for evaluating retail investor appetite. The paper concludes with scientifically grounded proposals for implementing ESG (Environmental, Social, and Governance) standards in industrial enterprises, improving the “People’s IPO” mechanism, and expanding the institutional investor base.
Keywords. Metallurgy, stock market, IPO, econometric model, regression analysis, capitalization, NMMC, AMMC, “Uzmetkombinat” JSC, investment policy.