Kazakhstan's KTZ to list shares on AIX, LSE, HKEX in IPO
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Kazakhstan's national railway company KTZ will list its shares and global depositary receipts on the Astana International Exchange (AIX), London Stock Exchange (LSE) and Hong Kong Stock Exchange (HKEX), according to a document published after a June 29 shareholder meeting. The decision was approved by parent company Samruk-Kazyna, which adopted a new charter for KTZ at the meeting. The IPO is expected to proceed pending regulatory approvals.
The IPO Structure
KTZ will offer both common shares and global depositary receipts across three exchanges simultaneously. The listing on AIX, LSE and HKEX aims to attract international investors and diversify the shareholder base. The company has not yet disclosed the expected size or pricing of the offering.
Shareholder Approval
Samruk-Kazyna, the sovereign wealth fund that owns KTZ, approved the IPO plan at a June 29 shareholder meeting. The meeting also adopted a new charter for KTZ, replacing the previous version. The charter update aligns with corporate governance requirements for a public listing.
Whistleblower Corruption Allegations
Salmen Amrin, former digitalization director at Kazakhstan Temir Zholy (KTZ), initiated a digital cargo accounting reform that exposed corruption schemes saving billions. Instead of reward, he faced criminal charges and pressure.
What's Next
KTZ is expected to file a prospectus with regulators in Kazakhstan, the UK and Hong Kong in the coming months. It remains unclear when the IPO will price or how much the company aims to raise.
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Kazakhstan's KTZ to list shares on AIX, LSE, HKEX in IPO
