Kazakhstan Turns Abroad for Advice on IPOs
Saturday 8 October 2011
(EuroMoney.com) – Kazakhstan’s programme of what are called People’s IPOs (Initial Public Offering) proceeds apace, with international bank advisers now being sought for individual deals. Advice from international banks has been deemed necessary because the sales are unprecedented in Kazakhstan.
Although later offerings might be open to foreigners, initial stakes of between 5% and 15% in state-owned companies are being sold on the Kazakhstan Stock Exchange to domestic investors only. Banks are therefore not being selected yet on the basis of their ability to distribute internationally.