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【New Stock IPO】Kazakhstan National Railway Files for Listing, Net Profit More Than Doubled Last Year
Kazakhstan’s national transport and logistics operator, Kazakhstan Temir Zholy, has submitted a listing application to the Hong Kong Exchanges and Clearing (HKEX); CICC is the sole sponsor.
According to the preliminary prospectus, the company is one of the key land transport corridors connecting Kazakhstan’s production centers with China, Central Asia, Russia, the Caspian region, and Europe. It covers all 17 regions of Kazakhstan. Its railway network spans approximately 16,000 kilometers and ranks third among CIS and Baltic countries with a track gauge of 1,520 millimeters.
The company is wholly owned by Kazakhstan’s sovereign wealth fund, Samruk-Kazyna. In 2025, its freight turnover volume was 288.8 billion tonne-kilometers, up 10.36% year-on-year.
As of the end of December 2025, full-year profit was 343.646 billion tenge, up 1.14 times year-on-year; revenue was 2.75 trillion tenge, up 27.41% year-on-year. Of this, freight revenue increased 31.33% year-on-year to 246 billion tenge, accounting for 89.3% of the total amount of comprehensive income and other gains. Passenger revenue rose 16.94% year-on-year to 12.925 billion tenge, with revenue share of approximately 4.7%. The gross margin was 30.2%, up 5.1 percentage points year-on-year.
The proceeds from this fundraising will be used for railway digital infrastructure construction; the building of new railway lines; repaying the principal and accrued interest of some of the Group’s interest-bearing borrowings; and for working capital and general corporate purposes.
Met with the HKEX team during a May visit to Hong Kong early to lay groundwork for a listing
It is worth noting that Nurlan Zhakupov, CEO of the Samruk-Kazyna sovereign wealth fund, met with the Hong Kong Exchanges and Clearing (00388) team during his May visit to Hong Kong. The meeting included HKEX CEO Chen Yiting, Head of Global Issuer Services Xu Jingwei, and Head of Asia-Pacific Global Issuer Services Zhang Shuming, among others. During the discussions, both sides clearly identified the HKEX as one of the potential international listing locations for the future initial public offering (IPO) of Kazakhstan’s national railway company (KAZAKHSTAN TEMIR ZHOLY JSC, KTZ).
To track IPO news, you can browse【New Stock IPOs】.