Kazakhstan Temir Zholy, Kazakhstan's state-owned railway operator, filed for an initial public offering in Hong Kong, according to a preliminary prospectus.

The company, wholly owned by Kazakhstan's sovereign wealth fund, Samruk-Kazyna, operates a 16,000-kilometer rail network connecting Kazakhstan's production centers with China, Central Asia, Russia, the Caspian Sea region and Europe.

In 2025, Temir Zholy generated freight turnover of 288.8 billion tonne-kilometers, while net profit more than doubled to 343.7 billion Kazakhstani Tenge.

The company plans to use the proceeds to invest in railway digital infrastructure, build new railway lines, repay borrowings, and fund working capital and general corporate purposes.

China International Capital Corporation Hong Kong Securities is acting as sponsor-overall coordinator.

Citigroup Global Markets Asia, J.P. Morgan Securities (Asia Pacific) and Société Générale are serving as overall coordinators.