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AIX · Central Asia

Astana International Exchange

Listing requirements, segments and the practical points that matter for a company from the CIS, Central Asia or the Gulf.

Data checked: 6 November 2026
Location
Astana, Kazakhstan
Regulator
Astana Financial Services Authority (AFSA)
Trading currency
USD
Indicative timeline
Not specified

Listing segments

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

AIX Markets Listing Rules (AIX Business Rules as amended 11 February 2026): expected aggregate market value of equity on AIX at listing of at least USD 1,000,000 (MLR 10.1); at least 10% of the shares applied for must be in public hands, AIX may accept less (MLR 11.1); audited financial statements for 3 years under IFRS or other standards acceptable to AFSA, at least one of the three years must show a net profit (MLR 4.1). AIX may accept a shorter period or waive MLR 4.1 (MLR 4.2), for example for issuers in operation for less than 3 years. Independence from a controlling shareholder (30%+) must be shown (MLR 7). No mandatory founder lock-up in the rules for a standard IPO; lock-ups are market practice.

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

For issuers whose aggregate market value of equity on all regulated exchanges is below USD 200 million at admission (REM 2.1); if it stays above USD 200 million for 12 consecutive months, the issuer must move to the full regime. Concessions (REM 3.1): 1 year of audited financial statements instead of 3, no net profit test, no controlling-shareholder independence test, simplified single-document prospectus without summary. The general 10% public float (MLR 11) applies; the separate 15% REMS float existed in the October 2022 rules. Direct listing without an offer is available only to REM companies (MLR 25, REM 6): float and market cap tests apply from the first anniversary, controlling shareholders must sell 15-49% before the first anniversary and may not dispose of 50% of the capital for one year from admission (the 12-month lock-up shown here). AIX also has a Pre-IPO Listings segment (PRE rules).

Foreign issuers

AIX rules apply equally to Kazakh and foreign issuers incorporated under any law (MLR 3.1); financial statements may be in IFRS or other standards acceptable to AFSA. Secondary and dual listings are common: Air Astana completed a simultaneous IPO on LSE, AIX and KASE on 15 February 2024. Prices and fees are in USD.

Cost drivers

AIX fee schedule 2025: initial listing fee USD 10,000 (non-refundable); initial admission to trading fee 0.06% of market cap up to USD 50m, then USD 50,000 (51-100m), 75,000 (101-250m), 100,000 (251-700m), 200,000 (above 700m); annual fee 0.02% up to USD 50m, then USD 11,000 to 44,000 by band. Pre-IPO segment pays 50% of the admission fee upfront.

Recent changes

Public float threshold cut from 25% (October 2022 rules) to 10% in the 2024 amendments (confirmed in the September 2024 consolidated rules); separate 15% REMS float removed. Direct listing rules effective 20 December 2021. Latest amendments to AIX Business Rules: 11 February 2026.

Strengths

  • 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

Watch-outs

  • 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

Sources

  1. 01AIX Business Rules, redline as amended 11 February 2026 (MLR, REM, PRE)primary source
  2. 02AIX Business Rules, September 2024 cleanprimary source
  3. 03AIX Business Rules cumulative (as amended 10 October 2022)primary source
  4. 04AIX fees in 2025primary source
  5. 05AIFC: AIX has approved the rules for Direct Listingprimary source
  6. 06Air Astana Group completes its IPO (KASE disclosure, 15 Feb 2024)primary source

Requirements change. Always confirm with the exchange and the regulator before making decisions.

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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