Kazakhstan Temir Zholy eyes up to $5 bln IPO at $30 bln valuation

September 22, 2026 at 05:52 PM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Kazakhstan Temir Zholy (KTZ) plans to raise up to $5 billion in an initial public offering, targeting a valuation of up to $30 billion, according to Hong Kong financial publication etnet. The listing could begin as early as October, though a delay to 2027 is possible. The planned valuation has drawn scrutiny from the Kazakhstan Association of Minority Shareholders (QAMS), which cites a significant gap between the assessment by sole shareholder Samruk-Kazyna and independent investment banks.

Key Facts

KTZ aims to raise up to $5 billion through an IPO, with a target valuation of up to $30 billion, according to Hong Kong financial publication etnet.
The listing could start as early as October 2026, but a postponement to 2027 is not ruled out.
KTZ plans to list on the Astana International Exchange (AIX), the London Stock Exchange (LSE), and the Hong Kong Stock Exchange.
The Kazakhstan Association of Minority Shareholders (QAMS) highlights a significant gap between the valuation by sole shareholder Samruk-Kazyna and independent investment banks, citing Bloomberg data.
KTZ's net profit more than doubled in 2025 to 343.6 billion tenge from 160.8 billion tenge a year earlier.

IPO Plans

KTZ intends to raise up to $5 billion through an initial public offering, targeting a business valuation of up to $30 billion, according to Hong Kong financial publication etnet, as noted by the Kazakhstan Association of Minority Shareholders (QAMS). The share listing could begin as early as October 2026, though a delay to 2027 remains possible. The company plans to list on the Astana International Exchange (AIX), the London Stock Exchange (LSE), and the Hong Kong Stock Exchange. Proceeds from the IPO are intended to repay debt and fund investment projects.

Valuation Concerns

The planned valuation has raised serious questions among professional investors, according to QAMS. Bloomberg data cited by QAMS shows a significant difference between the valuation by sole shareholder Samruk-Kazyna and independent investment banks. QAMS previously noted that KTZ exceeded the gearing ratio limit set by its credit agreement. The association points to the experience of Air Astana, in which Samruk-Kazyna holds 41.18%, whose shares trade at a discount of about 40% to the IPO price.

Financial Performance

KTZ's net profit more than doubled in 2025 to 343.6 billion tenge from 160.8 billion tenge a year earlier, Kursiv reported earlier. The company is burdened by debt, and QAMS has highlighted that it breached the gearing ratio covenant under its credit agreement.