Some say nuclear energy is the stepdaughter of the energy industry. Many investors beg to differ. On November 14, Kazatomprom (KAP), the state-owned uranium production company of Kazakhstan made history by becoming the first initial public offering of a large Kazakh company in more than a decade. This is a dramatic finale for two important entities: the newly launched Astana International Financial Center’s (AIFC) stock market, and Kazatomprom, which is compared to the Saudi Aramco of uranium production.
The state-owned nuclear industry national champion is the largest producer of the uranium on the planet (37 percent of mined uranium ore), owned by Kazakhstan’s national fund Samruk-Kazyna. 15 percent of Kazatomprom equity was sold, partially in Kazakhstan’s capital Astana, where AIFC is located, at the inaugural trading event headlined by the veteran President of the republic, Nursultan Nazarbayev, and AIFC (AIX) Governor Kairat Kelimbetov. Kazatomprom also traded at the London Stock Exchange, raising $451 million. 5.5 million shares were sold in Astana, including 3.93 million actual shares and 1.6 million of Global Depositary Receipts….
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