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ИД «Финансы и кредит»






Financial Analytics: Science and Experience

Abstracting and Indexing

Referativny Zhurnal VINITI RAS
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The IPO market: International experience, development trends and practice in initial public offering in Kazakhstan

Vol. 12, Iss. 4, DECEMBER 2019

PDF  Article PDF Version

Received: 23 July 2019

Received in revised form: 14 August 2019

Accepted: 10 September 2019

Available online: 29 November 2019


JEL Classification: D53, E65, G11, G14

Pages: 450–467


Nurasheva K.K. М. Auezov South Kazakhstan State University, Shymkent, Republic of Kazakhstan


Mergenbaeva A.T. М. Auezov South Kazakhstan State University, Shymkent, Republic of Kazakhstan


Kulanova D.A. М. Auezov South Kazakhstan State University, Shymkent, Republic of Kazakhstan


Abdikerimova G.I. М. Auezov South Kazakhstan State University, Shymkent, Republic of Kazakhstan


Subject The article is devoted to the stock market of Kazakhstan. It considers the IPO as one of segments of the said market.
Objectives We focus on analyzing the global IPO market by the number of placements and the volume of attracted capital, considering the factors that resulted in the success or failure of investment initiatives, studying the stages of formation of the IPO market in Kazakhstan, and developing proposals for its improvement.
Methods We employ the data-fetching method, data grouping, the systems and statistical analysis, and the content analysis of available sources.
Results The analysis of the largest placements showed that even if managers calculate all risks, it does not guarantee any success. The first IPO experience demonstrated low capitalization of shares, high volatility due to their small size. Kazakh IPOs have risks of ownership change, privatization of enterprises, uncertainty in price and tariff regulation. Ordinary people do not have money and skills necessary to invest in the local stock market. The paper offers to increase the transparency of companies, develop clear guarantees for the rights of ordinary shareholders. Our proposals for the development of IPO in Kazakhstan can help form the stock market. The described experience is also useful for countries with developing economies.
Conclusions Decisive action is required to distribute income equitably and increase the the well-being of citizens. It is important to improve the legislation on protecting the rights of shareholders, transparency of companies, and wide participation of the public in the stock market.

Keywords: investment, capital, development, stock market, securities


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