Samruk-Kazyna keeps KTZ IPO plan for up to 20% stake by end-2026

September 10, 2026 at 01:42 PM2 min

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Samruk-Kazyna plans an international IPO of Kazakhstan Temir Zholy (KTZ) by the end of 2026, offering investors up to 20% of the railway operator. Chairman Nurlan Zhakupov confirmed the timeline at Astana Finance Days 2026, while the fund said preparations follow an approved schedule for listings in Kazakhstan, London, and Hong Kong.

Key Facts

Samruk-Kazyna plans to offer up to 20% of KTZ shares in an international IPO by the end of 2026.
KTZ filed an A1 listing application with the Hong Kong Stock Exchange in late June 2026.
The IPO is planned for the Kazakhstan, London, and Hong Kong exchanges, including HKEX, LSE, and AIX.
KTZ's balance-sheet debt is 3.8 trillion tenge and nominal debt is 4.7 trillion tenge.
Proceeds are intended to repay part of KTZ's debt and fund railway infrastructure development and rolling stock renewal.

IPO Timeline and Stake

Samruk-Kazyna Chairman Nurlan Zhakupov said on September 10, 2026, that the KTZ IPO is planned before the end of 2026, with up to 20% of shares offered to investors. He declined to give specific details, citing regulatory restrictions, and said the process is ongoing. The fund's press service confirmed that preparation follows an approved schedule and that the international IPO remains targeted for this year. KTZ submitted an A1 listing application to the Hong Kong Stock Exchange in late June 2026.

Listing Venues and Use of Proceeds

The placement is planned for exchanges in Kazakhstan, London, and Hong Kong — specifically AIX, LSE, and HKEX. Proceeds from the IPO are intended to repay part of KTZ's debt obligations and finance investment in railway infrastructure, transport corridor capacity, and rolling stock renewal. KTZ's balance-sheet debt is 3.8 trillion tenge, while nominal debt is 4.7 trillion tenge. KTZ is the operator of Kazakhstan's mainline railway network and is part of the Samruk-Kazyna group.