Vox Markets Logo

Air Astana to raise $370m in IPO next week

08:38, 9th February 2024
Vox News
Company News
TwitterFacebookLinkedIn

[Markus Mainka - www.stock.adobe.com]

(Sharecast News) - Air Astana's stock-market flotation will value the Kazakhstan-based carrier at $847m, the company announced ahead of its initial public offering next week that will see it raise $370m. 
The company set an IPO price of $9.50 per global depositary receipt (GDR), in the middle of the $8.50 to $11 range given last month.

Air Astana, the flag carrier of Kazakhstan part-owned by BAE Systems (BA.) Follow | BA. and sovereign wealth fund Samruk-Kazyna, is applying for a triple listing and will be listed on main market of the London Stock Exchange as well as the Astana International Exchange and the main market of the JSC Kazakhstan Stock Exchange.

The flotation includes the sale of shares from BAE and Samruk-Kazyna as well as new shares issued by the company. Following the IPO, BAE will keep a 15.3% stake while Samruk-Kazyna will own 41%.

Conditional dealings in the GDRs under the ticker AIRA will start on Friday 9 February to investors who applied for, and were allocated, GDRs on a conditional basis. The commencement of unconditional dealings in the GDRs will begin as markets open on 14 February.

"We are delighted to share our success today as we close the books on our initial public offering and commence conditional dealings on the London Stock Exchange and AIX," said chief executive and president Peter Foster.

"We have received strong interest both domestically and internationally, and this has resulted in a highly successful IPO multiple times oversubscribed."

Foster said that the triple listing "has created the perfect platform to raise capital while allowing both local citizens and international investors to participate in our success story".

TwitterFacebookLinkedIn

Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

Recent Articles
Watchlist