Kazakh Wealth Fund Readies Rare Oil IPO and Promises a Discount

Kazakhstan’s sovereign wealth fund plans to sell shares in oil producer KazMunayGas at a discount to drive interest from local investors amid international uncertainty stoked by Russia’s war in Ukraine.

“We will offer a discount to the valuation of KazMunayGas to broaden the investor base and increase interest” domestically in the initial public offering, Samruk-Kazyna Chief Executive Officer Almasadam Satkaliyev said in an interview. Preparations for the IPO to attract “at least several hundred million dollars” will be complete by mid-October, though a decision on timing will depend on the government and the geopolitical situation, he said.