Kazakh carrier Air Astana has finalised the share offer price for its forthcoming stock market listings, giving an implied company valuation of $847 million.
Air Astana last month announced its intention for a long-planned IPO, detailing plans for listings on exchanges in London and Kazakhstan.
It has now completed pricing for its initial offering, setting an offer price of KZ1,073.83 ($2.40) and of $9.50 per global depisotory receipts (GDR) – which represents four shares and conditional trading in which began today. Unconditional trading in Air Astana GDRs is expected to begin in London on 14 February and in Kazakhstan the day after.
Air Astana Group chief executive Peter Foster says: ”We have received strong interest both domestically and internationally, and this has resulted in a highly successful IPO multiple times oversubscribed.
”The triple listing on the London Stock Exchange, Kazakhstan Stock Exchange and Astana International 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 expects the offering to generate gross proceeds of at least $350 million and up to $370 million if over-allotment options are fully exercised. Of this, $120 million will be used by the company to support its growth strategy.
Following the offering existing majority shareholder, Kazakhstan’s sovereign wealth fund Samruk-Kaznya, will fall from 51% to a 41% holding, while BAE Systems shareholding will fall from 49% to 15.3% if the over-allotment offer is fully exercised.
Air Astana Group, which operates low-cost unit FlyArystan alongside the Air Astana network carrier operation, took its fleet to 50 last month after taking delivery of its latest Airbus A321neo. It has a strategic plan to grow its fleet to 80 aircraft by the end of 2028.