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Cost of one share in People's IPO could be 100-150 tenge

18 december 2011, 18:31
0
Photo courtesy of aif.ru
Photo courtesy of aif.ru
Managing Director of Samruk-Kazyna Welfare Fund Peter Howes said that the price of one share in the People’s IPO would be affordable for common Kazakhstan citizens, Tengrinews.kz reports.

According to him, KazTransOil and KEGOK companies that will be the first to offer their stock are preparing to launch the program . “They are going to split their shares to make the price affordable,” Howes says adding that the cost has not been defined yet.

“We cannot name the price of one share right now, but of course we can make the price not 10 thousand tenge, but around 100 tenge. We will make the prices low enough to allow everyone to buy at least one share or a batch of shares. I think that if one share costs, say, 150 tenge, it will be affordable for everyone. Of course, if the broker services costs 400 tenge, there is no point in buying only one share, but if someone wants to, they can. We want people to feel that they have their say,” Managing Director of Samruk-Kazyna says.

The priority right during purchase of shares will be given to individuals, to the Kazakhstan citizens. In order to avoid concentration of stocks in the pockets of ‘moneybags’, the developers of the program are planning to introduce limitations on the maximum number of shares sold to one person.

Kazpochta (national postal service) will provide access to shares for residents. Kazpochta will sign an agreement on that with Samruk-Kazyna. “Kazpochta has three thousand post officers in the country. All the offices will be used to sell shares. They are not all computerized and we are currently buying equipment and training personnel,” Howes explains. Potential investors will be able to apply to Kazpochta to get the list of broker companies, the rates and submit their applications for purchase of the securities.

KEGOK and KazTransOil will offer their shares at the first stage of the People’s IPO. “They are both preparing and we will then choose who will be the first one,” Howes says. According to him, the first company will place the shares in Q2 of 2012 and the second one in Q4.

However, the timing of the first stage of IPO can be postponed. People’s awareness of the program, preparedness of the companies and volatility of the market will be the determining factors.

“Preparedness of the companies, I sure they will be ready, people’s awareness and volatility are the three factors that may effect. The first factor is not a problem, the second is a risk. If people don’t know about the IPO, we will postpone it until people are aware of it. It is very important, as this is for all the people and not only for some rich people. And the third: if people panic a lot, then maybe there is no point. It will be difficult to define the cost of shares,” Howes explained.

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