Main Market (Official List)
- Minimum market capitalisation
- USD 1m
- Minimum free float
- 10%
- Track record
- 3 years
- Profit required
- Yes
- Minimum shareholders
- Not specified
- Lock-up
- Not specified
Exchange comparisons
AIX or KASE
Listing requirements of AIX and KASE compared from the directory data. Check the primary sources before making decisions.
Data checked: 6 November 2026
Key facts
| Astana International Exchange | Kazakhstan Stock Exchange | |
|---|---|---|
| Location | Astana, Kazakhstan | Almaty, Kazakhstan |
| Regulator | Astana Financial Services Authority (AFSA) | Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market (ARDFM) |
| Trading currency | USD | KZT |
| Indicative timeline | Not specified | Not specified |
| Listing segments | 2 | 3 |
Segments side by side
Figures by segment from the exchange rulebooks. Not specified means the rule does not set the figure or it has not been verified yet.
AIX
Regional Equity Market Segment (REMS)
- Minimum market capitalisation
- USD 1m
- Minimum free float
- 10%
- Track record
- 1 year
- Profit required
- No
- Minimum shareholders
- Not specified
- Lock-up
- 12 months
KASE
Main Market - Shares, Premium category
- Minimum market capitalisation
- Not specified
- Minimum free float
- 10%
- Track record
- 3 years
- Profit required
- No
- Minimum shareholders
- 300
- Lock-up
- Not specified
Main Market - Shares, Standard category
- Minimum market capitalisation
- Not specified
- Minimum free float
- Not specified
- Track record
- 3 years
- Profit required
- No
- Minimum shareholders
- Not specified
- Lock-up
- Not specified
Alternative Market - Shares
- Minimum market capitalisation
- Not specified
- Minimum free float
- Not specified
- Track record
- Not specified
- Profit required
- No
- Minimum shareholders
- Not specified
- Lock-up
- Not specified
Astana International Exchange
Who each exchange suits
- Very low entry threshold: USD 1m market cap and 10% float
- English common-law framework (AIFC) and USD-denominated trading
- REMS segment for mid-size Central Asian companies with 1-year track record and no profit test
- Direct listing route for REM companies
What to check
- Liquidity is concentrated in a few large names, often dual-listed
- Main Market requires at least one profitable year out of three unless AIX grants a waiver
Kazakhstan Stock Exchange
Who each exchange suits
- Largest domestic investor base in Kazakhstan, including retail
- Three Premium packages let mid-size IPOs (from KZT 2.5bn raised) qualify
- Simplified admission for securities already listed on recognised exchanges
What to check
- Thresholds are in MCI and KZT and change with the annual MCI and exchange rate
- Premium requires a market maker and 300 shareholders; failure after IPO moves shares to Standard
Requirements change. Always confirm with the exchange and the regulator before making decisions. Educational material. Not investment, legal or tax advice.
Other comparisons
Which of the two fits your company?
Eurasia Consulting Group compares exchanges on the numbers and structure of a specific company.
Information on this site is educational. It is not investment advice, an offer of securities or financial advice. Exchange requirements change; always check the primary sources. Full disclaimer