Companies from Kazakhstan are expected to raise up to $4.8bn (€3.8bn) through flotations in the next three years as foreign investors increase their exposure to the central Asian country's equity market, according to Russian brokerage Alfa Bank.

Analysts expect companies to raise nearly $3bn through equity markets next year, which they predict will be the best for listings by Kazakh companies. Up to 25 are expected to float by the end of 2009, mainly from the metals and mining industries and banks. Eurasian Natural Resources, a metals and mining conglomerate, is expected to be the largest and could raise some $2.1bn.Kazakhstan's largest bank Kazakhkommertsbank will complete a London listing on Friday, which could raise up to $777m. State-owned energy company KazMunaiGaz last month completed a $2bn flotation, pricing its shares at the top of their range, valuing it at $6.2bn in the largest flotation by a Kazakh company. International investors have bought an estimated $3.1bn of Kazakh stocks. Alfa analysts predict they will spend a further $1bn on Kazakh flotations over the next three years, with most demand expected from local investors.