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KASE · Central Asia

Kazakhstan Stock 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
Almaty, Kazakhstan
Regulator
Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market (ARDFM)
Trading currency
KZT
Indicative timeline
Not specified

Listing segments

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

KASE Listing Rules (effective 11 March 2021, amendments No. 14 effective 22 June 2026). Main Market criteria (Table 1): issuer existence at least 3 years; total assets at least 2,550,000 MCI and revenue at least 3,000,000 MCI for each of the last 3 years (about KZT 11.0bn / USD 22m and KZT 13.0bn / USD 26m at the 2026 MCI of KZT 4,325); criteria may be replaced by an issuer rating of BB- or higher. Premium (Table 3) has three alternative packages: IPO proceeds at least KZT 7.0bn / 4.5bn / 2.5bn (USD 14m / 9m / 5m), of which at least half or 20% raised in Kazakhstan for residents; net profit or positive operating cash flow in 1 of last 2 years / last 2 years / last 3 years; equity not below charter capital and at least KZT 15bn / 10bn / 5bn (USD 30m / 20m / 10m); free float at least 10% / 15% / 25% (package 1 may go below 10% if float value is at least KZT 100bn or 5 million shares); at least 1,000,000 authorised common shares, 300 common shareholders and a market maker. Audit by a first-level KASE-recognised auditor, corporate governance code required. No lock-up in the listing rules.

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

Main Market criteria of Table 1 (3 years existence, assets 2,550,000 MCI, revenue 3,000,000 MCI for each of the last 3 years, or a BB- rating) plus Table 4: at least 100,000 authorised common shares (10,000 preferred). Shares that fail Premium parameters after the IPO are moved to Standard. No free float, profit or shareholder minimum in the rules for this category.

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

For issuers that do not meet Main Market criteria (Table 7 and Table 8): financial statements per Article 9, audit by a KASE-recognised auditor, corporate governance code, securities held in the Central Securities Depository, at least 100,000 authorised common shares. No size or profit thresholds.

Foreign issuers

Foreign issuers can list on Main or Alternative markets on the same criteria. Securities (including depositary receipts) already on the official list of a stock exchange recognised by KASE can be admitted under a simplified procedure; shares and DRs of foreign issuers can also be admitted to the KASE Global sector of the Mixed market (Table 16). Air Astana listed simultaneously on KASE, AIX and LSE in February 2024.

Recent changes

Premium IPO parameters revised December 2023 (effective 21 December 2023 / 16 February 2024); amendments of 27 September 2024 (financial statements, auditors, recognised exchanges); 28 February 2025 (free float exception for package 1); 28 November 2025 (KASE Global); 19 June 2026 (amendments No. 14, effective 22 June 2026).

Strengths

  • 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

Watch-outs

  • 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

Sources

  1. 01KASE Listing Rules (with amendments No. 14 effective 22 June 2026)primary source
  2. 02MCI 2026 = KZT 4,325 (Tengrinews)
  3. 03Air Astana Group completes its IPO (KASE disclosure)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