DEC. 20 2022 (The Bulletin) — Kamunaigas, the Kazakh state-owned oil and gas company, held “people’s” IPOs on the Astana and Almaty stock exchanges, raising $330m. Although Kazakh officials talked up the IPOs as a successful boost for the country’s domestic stock exchanges, the IPOs were undersubscribed. Kazmunaigas had wanted to sell off 5% of the company, but only managed 3%.
— This story was published in issue 532 of the Central Asia & South Caucasus Bulletin, on Jan. 16 2023
— Copyright the Central Asia & South Caucasus Bulletin 2023