Kazakstan’s State-Owned Oil IPO Raises $330 Million

Kazakhstan’s state-owned oil and gas company is ending the year with a $330 million cash infusion after finally making its stock exchange debut, over a decade after plans to go public were announced. The flotation of KazMunaiGaz (KMG) shares on the stock markets in Astana and Almaty breathes new life into a privatization drive that has been beset by delays. KMG’s initial public offering (IPO) was the largest ever on Kazakhstan’s stock market in terms of the number of bids received and final sales volume. However, the results indicate…