Air Astana Sets Final Pricing Ahead of London Listing, Implying Market Cap of $847 Million

By Anthony O. Goriainoff

BAE Systems-backed Air Astana said the pricing for its global depositary receipts has been set at $9.5 each, and 1,073.83 Kazakhstan tenge ($2.38) a share, implying a market capitalization of around $847 million.

The central Asia airline said Friday that the offering includes the sale of shares and GDRs held by BAE Systems (Kazakhstan) and Kazakhstan sovereign wealth fund Samruk-Kazyna. Each GDR has an interest in four shares in the company, the airline said.

Last month, the company said it expected a market capitalization of between $770 million to $962 million.

The company said the offering was comprised of a domestic offer of 7.5 million GDRs sold by BAE and 60.4 million shares sold by Air Astana and SK, and a global offer of 14.2 million GDRs sold by BAE. The offering will result in gross proceeds of around $350 million to $370 million, and around $120 million will be raised by the company to support its growth strategy, it said.

Admission of trading on the London Stock Exchange is expected Wednesday.

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

(END) Dow Jones Newswires

February 09, 2024 03:39 ET (08:39 GMT)

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