Published: October 31, 2012
US$186mn offering of shares in KazTransOil to open next week.
Kazakhstan looks set to begin its long-awaited “people’s IPO” programme with a KZT28bn (US$186mn) offering of shares in state-owned oil transporter KazTransOil starting next week.
Sovereign wealth fund Samruk-Kazyna will float almost 10% of the company’s shares priced at KZT725 each following consultation with UBS and Kazkommerts Securities.
A run of expected privatisation IPOs is hoped to encourage share ownership among Kazakhstanis. As such, shares in KazTransOil will first be sold to retail investors, after which the Pension Saving Funds will be invited to invest.
Other companies lined up to float are power grid operator KEGOC, Air Astana, shipping company NMSC Kazmortransflot, Samruk-Energy and KazTransGas in 2013; and state railway Kazakhstan Temir Zholy, cargo company Kaztemirtrans, nuclear power company Kazatomprom and KazMunayGas in 2014-2015.