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European law firm Fieldfisher has acted for JSC National Company KazMunayGas (KMG), the national oil and gas company of Kazakhstan, on its initial public offering (IPO) on the Astana International Exchange (AIX) and Kazakhstan Stock Exchange (KASE).
KMG, a longstanding client of the firm, was represented by Fieldfisher's corporate team specialising in advising clients in the CIS region, who advised the company on relevant English law aspects of the IPO.
Fieldfisher previously advised on the listing of JSC KazMunaiGas Exploration Production and the listing of KMG bonds, both on the London Stock Exchange.
The IPO consisted of an offer by JSC Samruk Kazyna Sovereign Wealth Fund (Samruk-Kazyna) of up to 5% out of 90.42% of KMG's existing ordinary shares owned by Samruk-Kazyna to Kazakhstani and international institutional and retail investors.
Acceptance of investor applications began on 9 November 2022 and closed on 2 December 2022, having raised US$330 million. On 8 December 2022, KMG shares commenced trading on the AIX and KASE.
The Government of the Republic of Kazakhstan authorised the sale of up to 15% of the shares in total, creating the potential for further public offers.
The IPO is part of the implementation of the Kazakh government's Comprehensive Privatisation Plan for 2021-2025. As KMG is one of the largest national assets in Kazakhstan, the IPO was a transaction of national and international significance.
The Fieldfisher team advising KMG was led by corporate partners Nodir Sidikov and Jonathan Brooks and director Tamara Vasiljeva.
Commenting on the completion of the IPO, corporate partner Nodir Sidikov said:
"We are pleased to have successfully concluded this major IPO for a longstanding client.
"It is a transaction that has important ramifications for the future of the Kazakh economy, as the government seeks to privatise more of the country's valuable assets.
"We would like to congratulate our client on the success of its IPO."
Jonathan and Nodir were assisted on the transaction by director Irina Mikhnova, senior associates Anastasiya Kapustina and Lily Searle, associate Galina Rivkina, solicitor Kuanysh Sarsenbayev, senior paralegal Alisher Satimov and paralegals Olena Pop, Olena Usenko and Valeriya Shleina.