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Under the People’s IPO Program shares of national companies will be offered at market value

23 august 2011, 16:31
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Photo courtesy of svpressa.ru
Photo courtesy of svpressa.ru
Kazakhstan’s Government plans to limit sales of national companies’ shares to “one pair of hands” within the People’s IPO Program, the country’s Minister of Economic Development and Trade Kairat Kelimbetov said when speaking at a government sitting August 23.

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”.

When speaking to journalists, Mr. Kelimbetov emphasized that “the shares 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.

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.

August 4 Tengrinews.kz quoted Minister Kairat Kelimbetov as saying that the major slogan of the Kazakhstan’s economy policy for the nearest 5 years is large-scaled privatization .

“(…) Privatization will be run in two stages”, according to Mr. Kelimbetov. At the first stage, that is in 2012-2015, Kazakhstan will launch the so-called People’s IPOs of national companies. Afterwards, some national holdings will be floated to attract strategic global investors".

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