Kazakhstan's flag carrier Air Astana has begun trading on the London Stock Exchange and Astana International Exchange (AIX).
The airline announced its intention to make its initial public offering (IPO) in January. Following the opening pricing per share of $2.40 and $9.50 per global depository receipts (GDR), Air Astana was valued at around $847m. Shares in the carrier are currently held by the Sovereign Wealth Fund Samruk-Kazyna and BAE Systems (Kazakhstan) Ltd, which, prior to the listing, owned 51% and 49% respectively.
Air Astana Group, which also owns low-cost subsidiary FlyArystan, is expected to generate between $350-370m in gross proceeds, of which around $120m will fund its growth strategy. The two airlines have a combined fleet of 52 aircraft and plan to increase this to 80 by the end of 2028.
Commenting on the listing, Air Astana Group president and CEO Peter Foster said: “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. The strength of investor support reflects our profile as a profitable, high-growth airline group underpinned by compelling market dynamics.
"We have received strong interest both domestically and internationally, resulting in a highly successful IPO multiple times oversubscribed. This is the start of an exciting new phase for the Air Astana Group and we welcome all our new shareholders as we deliver our growth strategy.”
