People's IPO interesting for rich Kazakhstan citizens only: expert

Only several tens of thousands of rich Kazakhstan citizens living in cities will be able to take part in the People's IPO, KazTAG reports citing Director of Rakurs Economic Analysis Center Oraz Zhandossov as saying. "As for non-passive savings like deposits, but active investments into shares -- I am not talking about the types of companies offered for the IPO here -- it can be really interesting only to several tens of thousands people," he said at the Expert Club meeting. "This will be a relatively small group of people. It would be better to call it not the People's IPO, but IPO for Rich. Or even IPO for Rich People Living in Cities to make it even clearer," he said. Zhandossov noted that people "with small money and no clear understanding of the whole picture" should not invest into the People's IPO but should continue doing what they have a better idea of. The People's IPO is a program developed upon instructions of Kazakhstan President that will involve public offering of stakes in some of the companies of Samruk-Kazyna Holding or their affiliates. The People's IPO campaign will continue until 2015. It includes a gradual listing of the stakes of the biggest and most stable state companies. KazTransOil will be the first company to float it shares (it will be listed in September 2012). It will be followed by KEGOC, Air Astana, KazMorTransFlot, Samruk-Energo and KazTransGas in 2013. Kazakhstan Temir Zholy, KazTemirTrans, KazAtomProm and KazMunaiGas are to be listed in 2014-2015. The People's IPO program provides an opportunity to purchase the stock only to Kazakhstan citizens and Kazakhstan pension funds representing their interests. Over 160 thousand Kazakhstan citizens are expected to take part in the People’s IPO in 4 years. The program has been developed and is implemented by Samruk-Kazyna National Welfare Fund jointly with Kazakhstan Ministry of Economic Development and Trade.