Аңдатпа
Subject. The article discusses the stock market of Kazakhstan, which is crucial for the economy. Its weaknesses inhibit the development and impedes market reforms. We review IPO as a segment of the stock market. Objectives. The study analyzed the global IPO market in terms of the number of placements and volume of capital. We also review what made investment initiatives a success or a failure, investigating milestones of the IPO market evolution in Kazakhstan and formulating our proposals for its further growth. Methods. The study applies methods of relevant sampling, logical reasoning, data grouping, systems and statistical analyses. We intensively used the content analysis of available sources. Results. The IPO market develops in a different manner across countries. Analyzing major placements, even the risk assessment is found to not necessarily make a placement a success. Weak development institutions, unstable banking sector inhibit the development of Kazakhstan's stock market. The first attempts of IPO resulted in a low capitalization of stocks, high volatility due to small volumes. Kazakh IPOs are exposed to the risk associated with ownership, enterprise privatization, uncertainty of price and tariff regulation. Common people do not have enough skills and money to offer their funds in the local stock market. We suggest making the corporate operations more transparent, labeling them as public, determine clear guarantees for common shareholders The suggestions concerning Kazakhstan's IPO market will strengthen the stock market. Research is also useful to emerging economies. Conclusions and Relevance. Kazakh IPO does not meet the development level of the economy. The Kazakh authorities shall be decisive to fairly distribute income, ensure a growth in people's wellbeing, thus expanding their opportunities for acquiring securities. Laws should be refined and enhanced in terms of shareholders' rights protection, transparency of corporate operations, broad involvement of people into operations of stock markets.