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Within the first two weeks of the People’s IPO Program, Kazakhstan’s people have purchased shares of KazTransOil, the first company to float its shares under the Program, worth $20 million, Newskaz.ru reports, citing Umirzak Shukeev, Chairman of the Samruk – Kazyna Sovereign Wealth Fund Board as saying November 20. “The subscription is quite robust. As of today, the number of subscribers reached 2 400. They have bought shares in excess of $20 million”, he wrote on Facebook. According to him, about 500-600 people a day have been placing orders to purchase shares. “We expected about two thirds of the shares to be purchased by individuals. This estimate has already been exceeded. Pension funds are concerned that there might be not enough shares for them to buy. Our major concern is that people in Kazakhstan tend to postpone everything to the last moment (…)”, Mr. Shukeev said. The People’s IPO was launched November 6, 2012, with the subscription for KazTransOil shares closing December 5. The share price stands at $4.8 in line with a special government’s decree. KazTransOil offered a total of 38 463 559 common shares. Tengrinews.kz reported earlier that subscription for KazTransOil shares within the People’s IPO Program on the first day had totaled $1.2 million. KazTransOil is part of the KazMunaigas National O&G Company and the largest oil shipping company in Kazakhstan. The Company owns a network of main oil pipelines of 8 000 kilometers. KazTransOil transports about 59% of all the crude produced in Kazakhstan. Speaking at the Nur Otan party congress on February 11, 2011 President Nazarbayev instructed the Government to launch Initial Public Offerings (IPO) for common people. 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.
Within the first two weeks of the People’s IPO Program, Kazakhstan’s people have purchased shares of KazTransOil, the first company to float its shares under the Program, worth $20 million, Newskaz.ru reports, citing Umirzak Shukeev, Chairman of the Samruk – Kazyna Sovereign Wealth Fund Board as saying November 20.
“The subscription is quite robust. As of today, the number of subscribers reached 2 400. They have bought shares in excess of $20 million”, he wrote on Facebook.
According to him, about 500-600 people a day have been placing orders to purchase shares.
“We expected about two thirds of the shares to be purchased by individuals. This estimate has already been exceeded. Pension funds are concerned that there might be not enough shares for them to buy. Our major concern is that people in Kazakhstan tend to postpone everything to the last moment (…)”, Mr. Shukeev said.
The People’s IPO was launched November 6, 2012, with the subscription for KazTransOil shares closing December 5. The share price stands at $4.8 in line with a special government’s decree. KazTransOil offered a total of 38 463 559 common shares.
Tengrinews.kz reported earlier that subscription for KazTransOil shares within the People’s IPO Program on the first day had totaled $1.2 million.
KazTransOil is part of the KazMunaigas National O&G Company and the largest oil shipping company in Kazakhstan. The Company owns a network of main oil pipelines of 8 000 kilometers.
KazTransOil transports about 59% of all the crude produced in Kazakhstan.
Speaking at the Nur Otan party congress on February 11, 2011 President Nazarbayev instructed the Government to launch Initial Public Offerings (IPO) for common people. 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.
