Baku, Azerbaijan, Dec. 19
By Elena Kosolapova- Trend: Kazakhstan stock exchange (KASE) started the trading of Kazakhstan Electricity Grid Operating Company's (KEGOC) common shares in the secondary market on Dec. 19, Kazakh Sovereign Wealth Fund reported.
Collecting of bids for the shares of KEGOC within the People's IPO program was completed earlier.
The demand for the shares exceeded the offer by 27 percent. Broker companies received 41,997 applications worth 16,675,918,600 tenge (182.05 tenge = $1) for the purchase of KEGOC shares. Meanwhile the company is allowed to place the shares worth 13.13 billion tenge at most within the approved plan.
All the applications from retail investors were satisfied in the amount of 9.473 billion tenge, the application from market maker Halyk Finance was satisfied in the amount of 202 million tenge. The application from Kazakh Integrated Accumulative Pension Fund was satisfied in the amount of 3.454 billion tenge.
Thus, the share of retail investors in the total volume of placement hit 72.15 percent, the market-maker - 1.54 percent and Integrated Accumulative Pension Fund - 26.31 percent.
The majority of bids were submitted to Kazpost broker company (13,152 applications worth 2.665 billion tenge or 28.1 percent of all applications), to Freedom Finance (18,787 applications worth 2.428 billion tenge or 25.6 percent), to BCCInvest (479 applications worth 1.215 billion tenge or 12.8 percent), to Asyl Invest (702 applications in the amount of 771 million tenge or 8.1 percent) and to Halyk Finance (7,300 applications in the amount of 639 million tenge or 6.7 of all applications).
The placement period started on November 5.
Kazakh Government earlier had 100-percent of KEGOC shares through Sovereign Wealth Fund Samruk-Kazyna.
The People's IPO allows the Kazakh citizens to become co-owners of the major national companies. The program envisages a phased placement of the shares of the biggest and stable state companies on the stock market.
KazTransOil is the only company which has placed its shares within the program so far. The company's shares were in great demand and their placement was assessed as very successful.
Within this program it is planned to place the shares of Samruk-Energo in 2015, and Kazakhstan Temir Zholy (Kazakh railways) and National Atomic Company Kazatomprom after 2015.
Edited by CN
Elena Kosolapova is Trend Agency's staff journalist, follow her on Twitter: @E_Kosolapova