Air Astana valued at $847m ahead of IPO

Air Astana takes off with $847 million London IPO, raising $370 million through oversubscribed offering.

Mark Rogers

Mark Rogers

Kazakhstan’s national carrier is charting new territory with an unconventional triple listing for its upcoming $847 million initial public offering. Air Astana (LSE: AIRA) aims to raise $370 million by selling shares on the London Stock Exchange, Astana International Exchange, and Kazakhstan Stock Exchange simultaneously.

The IPO kicked off conditional trading on Friday, valuing Air Astana at $9.50 per share. The company is capitalising on a strong investor appetite that saw the offering heavily oversubscribed.

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“We have created the perfect platform allowing both citizens and international investors to participate in our success story,” said CEO Peter Foster. The triple listing is a first of its kind for a Central Asian carrier.

Major shareholders including defense contractor BAE Systems and sovereign fund Samruk-Kazyna are partially cashing in their stakes.

With its unique triple listing, Air Astana is capitalising on its success to fund further expansion. The company flies over 91 domestic and international routes across Asia, Europe and the Middle East.

The firm’s global depositary receipts were trading at $9.10 each in London this morning.

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