Air Astana is planning to list an initial public offering (IPO) on both the Kazakhstan and London Stock Exchanges, aiming to raise approximately $12o million to help fuel the Kazakh national carrier’s growth.
The IPO will comprise the sale of existing shares and GDRs held by BAE Systems (Kazakhstan) and the Kazakh Sovereign Wealth Fund in addition to new shares and GDRs, which is due to go ahead in February, a filing by the airline confirmed.
“I am delighted to formally confirm our intention to bring Air Astana Group to the public markets,” commented Peter Foster, president and CEO. “As the largest airline group in Central Asia and the Caucasus, we are confident that our industry standing, market position and growth profile present a compelling investment opportunity”.
The offering will result in a free float of at least 25% of the issued share capital of the company. Additionally, British defence company BAE (which owns 49% of Air Astana) intends to grant an over-allotment option for up to a maximum of 15% of the Global Offer GDRs.