IPO values Air Astana at $847m

Air Astana will gain a market capitalisation of $847 million through an initial public offering (IPO) of shares.

The flotation will raise as much as $370 million, including $120 million to support the Kazakhstan-based carrier’s growth plans.

The figures were confirmed in a stock market pricing announcement today (Friday) to coincide with the start of share trading, following an offer price range announcement last week.

Air Astana and budget subsidiary FlyArystan, which together operate 50 aircraft, will have shares quoted in London and in Kazakhstan. 

Chief executive 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 [Kazakhstan].

“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, 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. 

“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.”

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