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Kazakhstan's Air Astana raises $120 million in dual London, local IPO

Reuters
·1-min read
FILE PHOTO: A view shows Air Astana planes parked at Almaty International Airport

ALMATY (Reuters) - Kazakhstan's flag carrier Air Astana priced its initial public offer on Friday, giving it a capitalisation of about $847 million, and valuing the offer at $350-370 million.

Out of that sum, the company itself is raising $120 million while the rest goes to the UK's BAE Systems and Kazakh sovereign wealth fund Samruk Kazyna, its existing shareholders, the firm said in a statement.

The offer was prices at $9.50 per global depository receipt (GDR), or 1,073.83 tenge ($2.39) per share. The GDR fell to $9.10 on the London Stock Exchange by 0950 GMT.

Much of the offer, however, went to Kazakh investors, and on the local AIX exchange, the same GDR was trading at $9.40.

($1 = 448.5500 tenge)

(Reporting by Olzhas Auyezov; editing by Jason Neely)