Air Astana has announced the pricing and the successful completion of the bookrunning process in relation to its initial global offering of shares and GDRs, with the offer price set at $9.50 per share; implying a market capitalisation of approximately $847 million.
The offering is expected to result in gross proceeds of around $350 million (or $370 million assuming full exercise of the over-allotment option), of which approximately $120 million will be raised by the company to support its growth strategy.
The offering, first announced in January, consist of the sale of shares (or GDRs representing shares) held by the Sovereign Wealth Fund Samruk-Kazyna Joint Stock Company (SK) and BAE Systems Kazakhstan (BAE) in addition to new shares issued by the company. Immediately following the offering, SK will hold 41% of the total number of shares outstanding in the company, with BAE retaining 15.3% (assuming full exercise of the over-allotment option).
“The strength of investor support reflects our profile as a profitable, high-growth airline group underpinned by compelling market dynamics,” commented Peter Foster, Air Astana Group president and CEO. “We have received strong interest both domestically and internationally, and this has resulted in a highly successful IPO multiple times subscribed”. He added that “the triple listing on the London Stock Exchange, Kazakhstan Stock Exchange has created the perfect platform to raise capital while allowing both local citizens and international investors to participate in our success story”.
Air Astana announces pricing of initial public offering
