Kazakhstan is launching a large-scale capital market reform: three to five major private companies with a combined value of 6.6 trillion tenge ($14.7 billion) will be listed on the exchange. Businesses will gain access to long-term capital, while investors will get the opportunity to invest in mining, construction, and retail enterprises.
The capital market development program through 2030 and the draft law "On the Capital Market" were presented by Madina Abylkasymova, head of the Agency for Regulation and Development of the Financial Market (ARDFM). According to the regulator's estimates, an initial public offering (IPO) will allow companies to attract long-term capital, and investors to put funds into new sectors.
Who is being prepared for listing
Mining companies are valued at approximately 5.1 trillion tenge ($11.4 billion), construction companies at 764 billion tenge ($1.7 billion), and retail companies at 559 billion tenge ($1.2 billion). Each of the selected organizations will be prepared for listing under an individual plan over two to five years.
In addition to private issuers, state-owned companies KTZ and QazaqGaz will place shares, and ordinary Kazakhstanis will be able to purchase their securities. Currently, companies with state participation account for a significant share of the Kazakh stock market, with their capitalization reaching 17.7 trillion tenge ($39.4 billion). The railway company KTZ and the gas company QazaqGaz will hold IPOs in 2026–2029 and will offer part of their shares to local investors through the Kazakhstan Stock Exchange (KASE) and the Astana International Exchange (AIX) with a minimum share for retail investors.
For small and medium-sized businesses, the ARDFM proposes introducing a listing sponsor institution modeled on the London Stock Exchange: the sponsor will prepare the company for listing, and its declaration will serve as the basis for simplified application review. In addition, a single digital window based on the Central Depository will simplify preparation for all issuers: a company will submit one package of documents, and the ARDFM, exchanges, and depository will review it in parallel.
Who else in the region is going public
Not all Kazakh companies are counting on the local venue: electric scooter rental service Jet is preparing an IPO on Nasdaq or the London Stock Exchange after 2028. Jet founder Meirambek Abelkasov doubts that local investors will raise the needed capital, although he does not rule out a dual listing involving AIX.
Neighboring Uzbekistan is also preparing state companies for IPOs: the authorities plan to list five major issuers, including Uzbekistan Airways and Uzpromstroybank (SQB), in 2027–2028. Demand for the region's securities has already been confirmed: in May 2026, the country's National Investment Fund placed 35.45% of shares for $692 million, while bids from foreign investors exceeded $2.9 billion.
Preparation will stretch over years, and if valuations are inflated, early buyers risk losing money on falling prices.
Cryptalist analysis: Kazakhstan's program creates a new class of liquid instruments on the local market and reduces dependence on bank financing, which is structurally positive for the region's capitalization. However, the extended preparation timelines and the risk of overvaluation at listing require investors to be disciplined in assessing fundamental multiples. Success will largely be determined by the quality of the listing sponsor institution and the real inflow of retail capital.