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The Kazakhstan Stock Exchange (KASE) has different listing requirements depending on the market and the type of securities. Their market structure includes:
* Main Market: For large, well-established companies with a track record and significant revenue. These companies face the strictest listing and disclosure requirements.
* Alternative Market: Designed for small and medium-sized businesses (SMEs) with simplified listing and information disclosure requirements.
* Mixed Market: For specific types of securities such as government bonds, securities of international financial organizations, investment funds, and Islamic securities.
* KASE Global: A sector for trading foreign shares and ETFs.
* Private Placement Sector: For non-state securities placed among a limited range of qualified investors.
While a comprehensive list of all requirements is detailed in their “Listing Rules” document available on the KASE website, here are some general categories and examples of what is typically required:
General Requirements for Most Listings:
* Legal Status: The issuer must be a duly established legal entity.
* Financial Statements: Submission of audited financial statements (typically for the last three years for the Main Market, potentially less for the Alternative Market), prepared in accordance with IFRS or US GAAP. Interim financial statements may also be required.
* Disclosure of Information: Compliance with KASE’s rules on information disclosure, both during the listing process and ongoing once listed. This includes submitting documents like an investment memorandum containing information about the issuer’s activities, financial position, and securities.
* Listing Agreement: Entering into a standard listing agreement with KASE.
Specific Requirements that May Vary by Market and Security Type:
* Minimum Operating History: The Main Market often requires a longer operating history (e.g., more than three years).
* Financial Performance: The Main Market typically has requirements related to profitability, revenue, and asset size. For instance, for the first category of shares, issuers might need to demonstrate profitability for the last two or three years and meet minimum charter capital and IPO proceeds thresholds.
* Minimum Number of Shareholders: For the Main Market (specifically for shares in the first category), a minimum number of shareholders (e.g., 200) might be required after the IPO.
* Market Maker: For certain listings, especially in the Main Market for shares, securing a market maker might be a prerequisite.
* Free Float: Requirements regarding the minimum percentage of shares available for public trading (free float) may apply, particularly for the Main Market.
* Rating: For certain debt securities, a minimum credit rating from recognized agencies (e.g., S&P, Fitch, Moody’s) might be necessary for listing on the Main Market.
* Environmental, Social, and Governance (ESG) Disclosure: KASE’s listing rules require companies to disclose information on their environmental and social responsibility in their annual reports.
Recent Amendments:
As of March 3, 2025, KASE approved amendments to its “Rules for Disclosure of Information by Securities Admission Initiators” and “Listing Rules.” These amendments include changes to the procedure for submitting information on the number of shares in free float and confirmation letters for IPO/SPO placements.
To get the most accurate and up-to-date listing requirements, it is essential to consult the official “Listing Rules” document published on the Kazakhstan Stock Exchange (KASE) website (kase.kz). This document provides the detailed and specific requirements for each market and type of security. You may also want to contact KASE directly or engage with financial advisors in Kazakhstan who are experienced with the listing process.

Video courtesy of KDPW

Video courtesy of KDPW