Kazakhstan Temir Zholy IPO: Q1 2027 timeline confirmed

Update Saturday, 18 July 2026

Kazakhstan Temir Zholy (KTZ) is preparing a stock market listing covering roughly a quarter of its capital, under a proposed triple-listing plan. The state railway operator, wholly owned by sovereign wealth fund Samruk-Kazyna, is targeting simultaneous listings on the Astana International Exchange, the London Stock Exchange and the Hong Kong Stock Exchange.

The deal would rank among the largest partial privatisations ever attempted in Central Asia. KTZ runs the whole of Kazakhstan's rail network, a backbone of overland freight transit between China and Europe.

Fresh private capital is meant to fund modernisation of an ageing network while easing the group's debt load. The timeline, pushed back repeatedly since 2023, has become a test of credibility for Kazakhstan's wider privatisation drive.

Timeline and listing venues

Kazakh Transport Minister Nurlan Sauranbayev set the new deadline at the first quarter of 2027, after the initial end-2026 target slipped again. KTZ's leadership confirmed in mid-June that the plan remains a triple listing, with about 25% of share capital on offer to investors.

Samruk-Kazyna said the offering will be structured as a primary issuance: all proceeds will stay with KTZ rather than going to the state shareholder. On 30 June, KTZ filed preliminary paperwork with the Hong Kong stock exchange, targeting roughly $1 billion from that leg alone, with China International Capital Corporation Hong Kong Securities acting as sponsor, following a visit by Hong Kong's Chief Executive John Lee in early June.

KTZ's debt reached 4.7 trillion tenge, about $10.4 billion, by the end of April 2026, up from 3.9 trillion tenge at the end of 2024. Proceeds are earmarked partly for debt repayment, digital rail infrastructure and construction of new lines.

For 2025, KTZ reported revenue up 27.41% to 2.75 trillion tenge, and net profit multiplying 1.14-fold to 343.65 billion tenge. Freight traffic rose 10.36% in tonne-kilometres to 288.8 billion. Samruk-Kazyna said some proceeds will also support transit-corridor capacity, including the Trans-Caspian route linking China and Europe, a strategic axis for Kazakhstan's economy.

Four elements are officially confirmed at this stage: the proposed triple listing in Astana, London and Hong Kong; an offering of roughly 25% of share capital; and the first-quarter-2027 deadline. Also confirmed are the 30 June preliminary Hong Kong filing and KTZ's published 2025 financial results.

The final deal size, valuation and the precise split between the three exchanges have not been disclosed by Samruk-Kazyna or KTZ.