Almaty, Kazakhstan - October 20, 2025 - TauKen Group, one of Kazakhstan’s leading privately held mining services companies, has formally agreed terms with Moody’s Investors Service to initiate a capital markets rating - a move that positions the firm among a rare cohort of privately owned enterprises in Central Asia pursuing global financial visibility.
The agreement marks the beginning of a multi-stage due diligence process, including Know Your Customer (KYC) protocols, onboarding, and the transfer of a comprehensive data room. Ernst & Young’s consolidated audited financials for 2022, 2023, 2024, and the first half of 2025 have already been received, laying the foundation for Moody’s analysts to begin their assessment.
“This is a huge milestone for any company to start the ratings process with a global major agency” said Ms. Alma Karabassova, Vice President for Central Asia at Moody’s Ratings, following a multi-hour meeting with TauKen Group’s Management Board. “It’s a sign of belief in the company’s direction and a commitment to transparency. Undertaking such a step is not only strategic - it’s a costly and rigorous process”.
TauKen Group’s decision to pursue a rating reflects its broader ambition to access international capital markets. The company is preparing to finance over $2 billion in mining services contracts currently in the pipeline, including engineering and civil works across Kazakhstan’s resource-rich regions. A corporate bond issuance is targeted for 2027, with an initial public offering (IPO) planned by 2030 on the Kazakhstan Stock Exchange (KASE), the London Stock Exchange (LSE), and the Astana International Financial Centre (AIFC).
Founded in 2001, TauKen Group has grown to become the third-largest mining services provider in Kazakhstan by volume of rock movement, blasting operations, and civil engineering groundworks. Its clients include national companies and strategic infrastructure projects, with operations spanning across the country.
The company’s capital markets roadmap is backed by its new major shareholder, Gliese Capital - a private investment firm headquartered in Almaty, with representative offices in London and Dubai. Gliese Capital specialises in strategic investments across emerging markets and has been instrumental in TauKen Group’s governance transformation and financial structuring.
“Bankability begins with compliance” said Nurzhan Dauletbaev the Deputy CEO of TauKen Group. “We’ve invested heavily in audit integrity, financial transparency, and institutional-grade reporting. The Moody’s engagement is the next logical step in our evolution”.
The rating process is expected to span several months, with Moody’s conducting sectoral benchmarking, risk analysis, and financial modelling. If successful, TauKen Group will become one of the few privately held companies in Central Asia with a formal credit rating - a credential that opens doors to syndicated loans, structured finance, and global investor participation.
As Kazakhstan continues to modernize its industrial base and attract foreign capital, TauKen Group’s move is likely to be seen as a bellwether for private sector maturity in the region.
Website: www.taukengroup.com
Media Contact: media@taukengroup.com