World’s largest uranium producer Kazatomprom confirms London IPO

Kazakhstan’s state-run uranium producer Kazatomprom has confirmed its intention to list global depository receipts (GDRs) on the London Stock Exchange (LSE) in an initial public offering (IPO).  

The company announced the preliminary plan last week to float up to a 25% stake and said it would also list shares and GDRs on the Astana International Exchange (AIX) in Kazakhstan.

In a statement, the miner confirmed that its sole shareholder Samruk-Kazyna will retain the remaining 75% of the company’s issued share capital.

“As the world’s leading uranium producer, with the largest reserves, predominantly first quartile operating cost and an industry leading HSE track record, we believe that Kazatomprom is strongly positioned to capitalise on the attractive long-term fundamentals of the uranium market,” said CEO Galymzhan Pirmatov.

“The company is managed by a very experienced team, now totally market-centric, and focused on delivering operational excellence and strong financial returns. We see our mission as sustainably developing our uranium deposits in order to create long-term value for all of our stakeholders,” he added.

Kazatomprom accounts for 20% of global uranium production and is one of three large Kazakh companies scheduled to IPO this year, alongside telecommunications firm Kazakhtelecom and flagship carrier Air Astana.