Kazakh state oil and gas firm KazMunaiGas's exploration and production unit priced its IPO at $14.64 per global depository receipt on Friday, near the top of an indicative range of $12.75 to $14.75.
The deal raised $2.0 billion (1.1 billion pounds) before an over-allotment option and values the company at $6.2 billion, the company said in a statement.
KazMunaiGas is selling 40 percent of its subsidiary, known as KMG E&P, on the Almaty and London stock exchanges. Trading is due to start on October 4.
This is a major milestone for our company; we look forward to our future as an internationally and Kazakhstan listed company and will strive to grow and create value for all of our shareholders, General Director Askar Balzhanov said.
The initial public offering is the second high profile flotation of a company from Kazakhstan, a vast Central Asian state, following copper company Kazakhmys' listing last October.
Unlike the Kazakhmys listing, KMG E&P is maintaining its primary listing in Almaty and selling global depository receipts equivalent to a sixth of a share in London.
The offering comprised 23.1 million new shares and 3.5 million existing shares being offered by the underwriters under an over allotment option, the company said.
KMG E&P holds stakes in various onshore fields but is not involved in Kazakhstan's biggest prizes, the giant Tengiz, Kashagan and Karachaganak fields.
Nonetheless, the unit says it will enjoy privileged access to future projects and export pipelines that will allow it to profitably export hydrocarbons.
ABN AMRO Rothschild and Credit Suisse were joint global coordinators and joint bookrunners on the offering. Almaty based Visor Capital acted as domestic lead manager.