Estimation of the IPO efficiency of Astana bank
The subject of the research is to assess the efficiency of shares’ initial public offering as an instrument of the stock market in order to raise capital on terms of continuity and irrevocability. The research aims at analysis of the practical experience of the initial public offering of shares based on the Astana Bank as a pilot project to expand the practice of equity financial instruments on the national stock market of Kazakhstan. Methods: empirical and theoretical methods, including economic observation, analysis and synthesis, grouping and comparison techniques, methods of financial analysis, system approach to phenomena and processes, mathematical modelling and forecasting, statistical analysis. Deliverables: IPO’s objectives are structured and external and internal factors contributing to the success of the initial public offering of shares are available. The research novelty is presented in the kind of a matrix of IPO efficiency criteria and its validation using the example of the IPO of the Astana Bank. Scope of the results: External and internal factors can be used by the management of a company that has a vision of placement of shares for a wider investors’ community, such as a check-list of the company's readiness for an IPO and the choice of the most appropriate time for listing on the stock exchange. The evaluation matrix of the efficiency criteria is recommended by shareholders and management of the issuers, as well as for verification of target results in and post IPO planning process. Conclusion: We concluded that the IPO carried out by the Astana Bank was successful and efficient since the majority of evaluation criteria received a positive result. However, to maintain investors’ interest and to increase the shares’ quotation, the bank needs not only consistently achieve physical indicators of the growth strategy, but also to ensure the growth of the business profitability. For other stakeholders (state, bank industry, investors), this experience is but a positive example of diversified funding sources, increased share capital through equity instruments of the national stock market of Kazakhstan.
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