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KazTransOil may pioneer People’s IPO

27 october 2011, 12:30
0
Oil pumping station ©RIA Novosti/Aleksei Babushkin
Oil pumping station ©RIA Novosti/Aleksei Babushkin
KazTransOil may be the first company to float its shares within the People’s IPO Program, Samruk-Kazyna Sovereign Wealth Fund managing director, Peter House, said October 26 on the sidelines of a round-table discussion in Almaty.

According to him, KazTransOil is a less volatiale company. KEGOC may float its shares at the same time, but Air Astana is unlikely to be the first, he said. Currently KazTransOil and KEGOC are working to complete their consultant teams.

According to Mr. House, purchase of shares “sold to one person will be limited”. The raised funds will go to finance development of the companies.

Speaking at the Nur Otan party congress on February 11 President Nazarbayev instructed the Government to launch Initial Public Offerings (IPO) for common people before the end of 2011. The program is known as People’s IPO. According to President Nazarbayev, the IPO for the general public will enable citizens to purchase shares of the largest Kazakh companies, giving them a new tool for investments and savings.

Tengrinews.kz reported August 23, quoting Economic Development Minister Kelimbetov, that “the shares [of the national companies to be floated within the People's IPO] will be offered at market value (…) we’ve chosen the best timing: the companies are not overvalued at the present time”.

“The first wave (KEGOC national power grid operator, AirAstana airline) of People’s IPOs is to be run in Q2-3, 2012, with the second wave (KazTransGas, KazMorTransFlot, Samruk-Energo) following in 2013 and the third wave (KazakhtanTemirZholy National Railways Operator, KazTemirTrans) in 2014-2015”, he elaborated, adding that KazMunayGas O&G Company and KazAtomProm Nuclear Company may run IPOs after 2015.

According to the Minister, potential demand for the shares on the part of common people is estimated at $100-200 million. However, the demand may grow following the nation-wide campaign designed to raise financial awareness of the population at large.

The Minister added that “on the part of accumulation pension funds, potential demand is estimated at $200-300 million with regards to the first wave of IPOs”.

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