Kazakhstan Railways IPO Valuation Could Reach $30 Billion Amid Favorable Market Conditions

Kazakhstan Railways' (KTZ) potential IPO valuation of around $30 billion is achievable under favorable market conditions, according to Leonid Delitsyn, an analyst at FG Finam. He cited industry multipliers and KTZ's EBITDA exceeding $2 billion, suggesting a business value of $32-38 billion. The company's debt would reduce this to approximately $30 billion. Growth in Kazakhstan's transport and logistics sector, driven by natural resources, could further support the IPO.

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