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People’s IPO prices will be affordable for average Kazakhstan citizens

10 september 2012, 15:55
Photo courtesy of nnm.ru
Photo courtesy of nnm.ru
Prices of the shares offered as part of the People’s IPO will be affordable for Kazakhstan citizens with average salaries, pm.kz reports citing the press-service of Samruk-Kazyne National Welfare Fund.

“The cost of the share will be affordable for the country’s citizens with average salaries. The number of listed shares will be approved by the fund’s board and the government,” the fund’s message states.

The initial placement package shall not exceed 15 percent of the company's common stock as part of the People's IPO. “This restriction is called to ensure that the state retains its control over the strategic facilities. The decision on the exact number of shares will made by each of the company based on their needs for funding of their development programs,” the fund writes.

The People’s IPO program will be implemented in 3 steps between 2012 and 2015. The state companies that will float their share have been divided into 3 groups.

KazTransOil will be the first company to place its shares in 2012. KEGOC, Air Astana, KazTransGas, Samruk-Energo, KazTransMorFlot will float in 2013. Kazakhstan Temir Zholy, KazTemirTrans will offer their shares in 2014. KazAtomProm and KazMunaiGas will be the last to take part in the program in 2015.

Earlier Tengrinews.kz Englishcited deputy chairman of Samruk Kazyna Kuandyk Bishimbayev as saying that one share under the People’s IPO would cost up to 10 thousand tenge ($67).

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