KazAtomProm plans to make IPO until mid-November
Baku, Azerbaijan, Oct. 24
By Rashid Shirinov – Trend:
Kazakhstan’s national nuclear company KazAtomProm plans to make an initial public offering (IPO) of its shares until mid-November, Chairman of the company’s Management Board Galymzhan Pirmatov said, according to Kapital.kz.
"It is too early to give any guarantees, but if everything goes as we plan, we will complete the deal by mid-November," he said.
Pirmatov added that the IPO will bring significant benefits and provide a stable base of long-term shareholders, as well as provide more opportunities for raising capital and liquidity.
It is worth noting that currently all issued shares of KazAtomProm are owned by the National Welfare Fund Samruk-Kazyna.
Pirmatov said that within the IPO Samruk-Kazyna intends to offer securities amounting to 25 percent of the total number of KazAtomProm’s issued shares on the stock exchange of the Astana International Financial Centre and the London Stock Exchange.
The chairman added that in accordance with the law, 20 percent of the total volume of securities will be offered in Kazakhstan.
"In accordance with the law “On the securities market,” we are obliged to offer 20 percent of the volume in Kazakhstan, and the actual amount will depend on the demand at a price that will satisfy us," he explained.