Current trends of global market IPO and their impact on the institutional structure of Kazakhstan’s stock market

Abstract

The globalization of the world economy entails changes in the landscape of the infrastructure of the world's capital market, priority of financial capital over the economy, stimulation of competition, and integration processes in the capital markets. The last decade has seen intensive development of new financial centres in emerging markets, which has resulted in flows of financial resources to the points of innovative growth. The competitive struggle between the stock markets of developed and developing countries, the transformation of financial instruments, and simplification of listing procedures ensure an increasingly wide choice for issuers and investors. The purpose of this study is to analyse the qualitative characteristics of the initial public offer of shares and the role of this financial instrument for the state's decision to diversify the system of financing sustainable development of the economy.