30% of Kazakh citizens do not trust People's IPO

Nearly one third of Kazakhstan citizens (29.9 percent) do not trust the idea of the People's IPO. 69.7 percent are not planning to take part in it. More than one third of Kazakhstan citizens will not be able to take part because of lack of money, Tengrinews.kz reports citing the results of sociological survey called Social health in Kazakhstan cities held by the Institute of Political Solutions (IPS) in 16 cities of Kazakhstan . Every fourth citizen of the country does not know what the People's IPO is. Almost half of those who wish to participate have no doubts KazMunaiGas stock is very attractiveness. 1.19 percent of respondents are planning to buy stocks of Kazakhstan Temir Zholy (Kazakhstan national railroads company) and 10.9 will buy KEGOC shares. The main motivation for the People's IPO would be participants is a wish to become rich and improve their social status. Less than one third of the IPO would be participants are ready to invest from 10 to 50 thousand tenge ($68-$342) in the stock offered at the People's IPO. Every fifth potential shareholder is ready to spend from 50 thousand to 100 thousand tenge ($342-$684) on stock. Only 4 percent of the population is willing to invest more than 1 million tenge ($6,850). One share of KazMunaiGas EP will cost 20 thousand tenge ($136). Kazakhstan President Nursultan Nazarbayev instructed the Government to provide for listing of several national companies (Samruk-Energo, KEGOC, Kazpochta) at the stock market by the end of 2011.