Astana, November 6. The national companies Kazakhstan Temir Zholy (KTZ) and QazaqGaz are due to list on the stock exchange in 2026–2029, said Madina Abylkasymova, Chair of the Agency for Regulation and Development of the Financial Market (ARDFM).
She was presenting the capital market development programme to 2030 in the Kurultai, the QAMS QazTrading channel relays.
Some of the shares are planned to be offered to Kazakh investors through the Kazakhstan Stock Exchange (KASE) and the Astana International Exchange (AIX), with a minimum share for retail investors. For companies of the quasi-state sector, that is those in which the state holds a stake through its structures, the timing of placement and the terms of participation for local investors will also be set.
The named window is wider than the deadlines heard earlier. According to Samruk-Kazyna management board chairman Nurlan Zhakupov, KTZ’s international IPO is planned before the end of 2026 and investors may be offered up to 20% of the shares, Kapital.kz wrote; a preliminary 25% stake and a deadline before the end of 2026 were reported by Zakon.kz. Three venues were named: the Hong Kong Stock Exchange, the London Stock Exchange and AIX. According to the Hong Kong outlet etnet, cited by QAMS QazTrading, KTZ hopes to raise up to $5 billion at a valuation of up to $30 billion, and the offering could begin as early as October 2026, though a move to 2027 was not ruled out. For QazaqGaz, in April 2025 the company gave Interfax-Kazakhstan a preliminary timeframe of 2026–2027, Interfax reported.
The agency did not say whether the KTZ offering, which the holding had planned for the end of 2026, will be postponed: the wording “2026–2029” does not rule that out. QAMS QazTrading puts this question directly, noting that less than two months remain until the end of the year.
What it means: In the capital market programme the state names a common window for both companies, four years instead of “the end of 2026” for KTZ and “2026–2027” for QazaqGaz. There are no specific placement dates; it says only that some of the shares will be offered to local retail investors.
Who benefits: Retail investors, who are promised a stake, and the companies themselves, which raise capital: KTZ’s debt stood at 4.7 trillion tenge in April 2026, according to deputy management board chairman Yerlan Koishybayev, Zakon.kz reported. Whether the market gains depends on the timing, which is not yet named.
Background: An IPO is a company’s first public offering of shares on a stock exchange. KASE is Kazakhstan’s main exchange; AIX is the exchange of the Astana International Financial Centre, where trading is governed by English law. QazaqGaz is the national operator of the gas sector and KTZ is the national railway holding; both companies belong to the Samruk-Kazyna fund.
We have also reported on how Abylkasymova presented the capital market programme to 2030 to deputies.
