Halyk Bank and its major shareholder, ALMEX Holding Group, announced the final pricing and results of the secondary public offering (SPO) of the Bank’s shares. The process, launched on 19 November, drew strong interest from both international and domestic investors.
As part of the placement, more than 17 million global depositary receipts (GDRs) were sold on the international market, along with 205 thousand GDRs and 121.8 million ordinary shares sold domestically. Each GDR represents 40 ordinary shares, meaning the offering accounted for approximately 7.6 percent of the Bank’s outstanding shares. The total value of the SPO amounted to USD 475.41 million. The final price per ordinary share was set at 298.66 tenge, while GDRs were priced at USD 23 each. The international tranche was largely purchased by institutional investors outside Kazakhstan, whereas the local tranche attracted demand for both GDRs and a substantial volume of ordinary shares. All proceeds from the placement will go to ALMEX, which acted as the selling shareholder, while the Bank itself will not receive direct financial proceeds.
The international GDRs are expected to begin trading on the London Stock Exchange on 25 November. The domestic GDRs will debut on the Astana International Exchange (AIX), and ordinary shares will start trading on the Kazakhstan Stock Exchange (KASE) beginning 26 November. Following the completion of the offering, ALMEX will retain a 62 percent stake in Halyk Bank and has committed to a 365-day lock-up period for its remaining shares, ensuring stability and preventing additional sales in the near term.
Leading global financial institutions played a key role in the transaction. Citigroup Global Markets Limited and J.P. Morgan Securities plc served as joint coordinators for the international tranche, while Halyk Finance oversaw the domestic placement. The involvement of these prominent institutions further strengthened investor confidence and reinforced Halyk Bank’s standing in the international capital markets.
The press release highlights strict regulatory limitations, noting that the offering may not be distributed in jurisdictions such as the United States, Canada, Japan, Australia, and South Africa. In the European Economic Area and the United Kingdom, the offering is intended solely for qualified investors. It is also emphasized that the announcement does not constitute advertising or a public solicitation for investment in Kazakhstan.
The successful completion of the USD 475 million SPO underscores strong and sustained demand for Halyk Bank’s securities and confirms the high level of investor confidence in the Bank. With full subscription, robust international participation, and strict adherence to regulatory standards, the transaction once again demonstrates the attractiveness and maturity of Kazakhstan’s financial market.
