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Timing of the People’s IPO can be adjusted in case of a serious crisis

26 october 2011, 13:25
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The timing of the People’s IPO can be adjusted in case of a serious crisis at the market, Samruk-Kazyna Sovereign Wealth Fund managing director, Peter House, said October 26, Novosti Kazakhstan reports.

“Should there be a serious crisis, it’s always possible to postpone [the People’s IPO]”, he said when speaking at a round-table discussion in Almaty October 26.

He reminded that initially the Program was to be launched late 2011.

“But it was premature. We have postponed the initiative to make sure the companies are ready. Everything should be done right (…) to exclude risks”, he said.

According to him, the securities’ value is relatively low and the timing is right for individuals to purchase them. “With the undervalued assets offered for sale, there will be a lower risk of the securities’ value falling drastically”.

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.

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