KTZ Prepares for IPO

Kazakhstan’s national railway operator, Kazakhstan Temir Joly (KTZ), is gearing up for an IPO, according to Samruk-Kazyna Fund Chairman Nurlan Zhakupov, Orda.kz reports.

Zhakupov noted that legislative changes will be necessary before the company can go public.

An IPO requires compliance with both domestic and some international regulations. We plan to make the necessary legal amendments before listing. If any restrictions exist, we will work on addressing them through appropriate legislative initiatives,he explained. 

The head of the Samruk-Kazyna Fund outlined the shares and assets that future shareholders will receive.

We plan to sell up to 20% of the company’s shares. Therefore, shareholders will not own the main railway network itself but rather a stake in KTZ, which manages both the railway infrastructure and other assets,he explained. 

Bolat Zhamishev, Chairman of KTZ’s Board of Directors, further clarified that the trains, tracks, and other infrastructure will not be transferred to shareholders.

Future and current shareholders will own shares in the company, not the physical assets. Just like during Air Astana’s IPO — investors got shares, not planes or parts of them. I think this is an important distinction to understand,Zhamishev explained. 

Earlier, Nurlan Zhakupov commented on Samruk-Kazyna’s 2025 financial performance.

Original Author: Artyom Volkov