Air Astana Targets Market Cap of Up to $962 Million in IPO

By Anthony O. Goriainoff

Air Astana said the price range of its initial public offering has been set at $2.13 to $2.75 a share, and that this would result in a market capitalization of between $770 million to $962 million.

The central Asia airline--which is backed by BAE Systems--said that the response to the offering and the strong investor interest have been positive.

The company said on Monday that the offering includes the sale of shares and global depositary receipts, or GDRs, held by BAE Systems (Kazakhstan) and sovereign wealth fund Samruk-Kazyna. It added the range for GDRs has an indicative price range set at $8.50 to $11 per GDR. The company said the GDRs represent shares in the company at the rate of one GDR having an interest in four shares.

The company--which expects to list on the London stock exchange in February--earlier said it expects to raise around $120 million.

Air Astana said the final offer price, as well as the maximum number of GDRs and shares to be sold in the offering, will be determined via a bookbuild and is expected to be announced on, or around, Feb. 9.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

January 29, 2024 03:15 ET (08:15 GMT)

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