ALMATY/Feb. 9 (The Bulletin) — Air Astana set its share price at $2.40 for its IPO in London and Kazakhstan next week, the middle of initial estimates, giving it a valuation of $847m.
The Kazakh flag carrier wants to raise $120m at the IPO to increase the size of its fleet and set up new routes between Asia and Europe.
“We have received strong interest both domestically and internationally, and this has resulted in a highly successful IPO multiple times oversubscribed,” said Peter Foster, the Air Astana CEO.
Air Astana, which flew its first flight in 2002, is 51% owned by Samruk Kazyna, the Kazakh sovereign wealth fund, and 49% by BAE Systems, the British arms manufacturer. It follows the IPO in January in New York of Kaspi.kz, a Kazakh fintech company that is now valued at around $17.5b.
Analysts said that the two IPOs are critical for boosting Kazakhstan’s profile.
As well as listing on the London Stock Exchange, Air Astana will also list on the Astana International Exchange and the Kazakh Stock Exchange in Almaty.
Air Astana, which owns the FlyArystan low-cost airline, currently has a fleet of 49 planes. In its 2022 full year results, it said that it recorded a profit of $149m.
Air Astana is expected to start trading on the London Stock Exchange on Feb. 14 and in Kazakhstan from Feb. 15.
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