Kazakhstan's KTZ Files Hong Kong IPO Application With CICC as Sole Sponsor

Kazakhstan Temir Zholy (KTZ), the state-owned railway transport company, formally submitted its Hong Kong IPO application to HKEx in early July, with CICC as sole sponsor, according to preliminary prospectus filings.

KTZ, fully owned by Kazakhstan's sovereign wealth fund Samruk-Kazyna, reported revenue of $5.646 billion in the prior year, up 27.41% year-over-year, with net profit of $718 million, up 114%. The company plans to use IPO proceeds to build a 272-kilometer Bakhty-Ayagoz railway line and related infrastructure to establish a new rail border crossing to China, aiming to increase cross-border freight capacity from approximately 50 million tonnes annually to 100 million tonnes, alongside infrastructure upgrades and debt repayment.