The wave of flotations that began in 2005 continues and some of the big banks have been joining the fray. Christopher Pala reports from Almaty on the positive effects on political risk. Since late 2005, Kazakhstan has been the scene of a wave of initial public offerings (IPOs). It began with a splash in October 2005, when Karaganda-based Kazakhmys, the world's 10th-largest producer of copper, raised £661m ($1.17bn) on the London Stock Exchange, the thirdlargest company to do so that year. It now trades among the top 50 of the FTSE-100. A month later, Shalkiya Zinc raised $101.5m and KazakhGold Group raised $197m.
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