National company Kazakhstan Temir Zholy (KTZ) aims to raise up to $5 billion through a stock market listing, targeting an overall business valuation of up to $30 billion. The news was reported by Hong Kong financial outlet etnet and highlighted by the Kazakhstan Association of Minority Shareholders (QAMS), according to infohub.kz.
The company may float up to 20% of its shares. KTZ's listing could launch as early as October, though a postponement of the initial public offering (IPO) to 2027 is not ruled out. The outlet did not specify the size of the stake being sold, although media reports have previously mentioned a 20% share.
As a reminder, KTZ plans to list its securities on the AIX (Kazakhstan), the LSE (London), and the Hong Kong Stock Exchange. The national company will use the funds raised from investors to pay down debt and implement investment projects.
At the same time, the planned valuation of the company raises serious questions among industry professionals. According to Bloomberg data cited by QAMS, KTZ's valuation by its sole shareholder — the Samruk-Kazyna National Welfare Fund — and by independent investment banks differs significantly.
Moreover, KTZ is burdened with debt. QAMS previously noted that the company exceeded the debt level (Gearing Ratio) set by its credit agreement.
The main open question, according to the association, remains how potential investors will react to the IPO of a company with high debt and possible overvaluation, especially given the experience of Air Astana's listing (Samruk-Kazyna owns 41.18% of the carrier), whose shares trade at a discount of about 40% to the IPO price.
Earlier, Kursiv wrote that KTZ more than doubled its net profit in 2025 — to 343.6 billion tenge from 160.8 billion tenge a year earlier.