The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Kazkommertsbank places GDRs at upper end of price range.

Kazkommertsbank places GDRs at upper end of price range. The largest Kazakh bank Kazkommertsbank reported that it placed its GDRs at USD 18.5 per unit, which is at the very top of the expanded price range, set at USD 13-18.5 per GDR. During conditional trading, GDRs’ price went up to USD 20.25 per unit. Unconditional trading is to start on Nov 8. During the offering on LSE Kazkommertsbank capitalization stood at USD 5.3bn. The core shareholders of the bank Central Asian Investment Company and its CEO Nurzhan Subkhanberdin sold 45.7mn GDRs (1 GDR represents 2 shares) and raised USD 845mn. The funds are to be used to buy 103.5mn new shares after their issue on the local stock exchange. Kazkommertsbank was founded in 1990. It focuses mainly on corporate clients, but intends to expand to middle-class retail customers as well. Kazkommertsbank assets amounted to USD 10.56bn as of Jul 1, marking growth of 18% ytd in H1/06. The other Kazakh largest banks, namely Bank TuranAlem, Halyk Bank, ATF Bank, CenterCredit Bank and Alliance Bank also think about IPO on the international markets.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree