Air Astana Group completes IPO

Air Astana Group completed (15-Feb-2024) its IPO. Details include:

• The IPO was achieved simultaneously on the Kazakhstan Stock Exchange, Astana International Exchange and London Stock Exchange;
• The total deal size for the IPO was USD370 million (assuming full exercise of the overallotment option), valuing Air Astana Group at approximately USD847 million;
• The IPO of the group was oversubscribed through support by local Kazakh investors, both retail and institutional, in addition to the international investor community. Local investors received 58% of the offering with international investors receiving 42%;
• Existing shareholders sovereign wealth fund Samruk-Kazyna JSC and BAE Systems sold shares, reducing their shareholdings to 41% and, assuming the over allotment option is exercised in full, to 15.3%;
• As part of the IPO, Air Astana Group raised USD120 million primary proceeds to accelerate the next stage of its growth.

President and CEO Peter Foster said: "This IPO has been carefully constructed to ensure Kazakh investors receive the majority of the offering while also raising capital from the international markets". [more - original PR]