KAZAKHSTAN’S FLAG carrier Air Astana has begun trading on the London Stock Exchange and Astana International Exchange (AIX).
The airline announced its intention to make its initial public offering (IPO) in January. Following the opening pricing per share of $2.40 and $9.50 per global depository receipts (GDR), Air Astana was valued at around $847m. Shares in the carrier are currently held by the Sovereign Wealth Fund Samruk-Kazyna and BAE Systems (Kazakhstan) Ltd, which, prior to the listing, owned 51% and 49%, respectively. Air Astana Group, which also owns low-cost subsidiary FlyArystan, is expected to generate between $350-370m in gross proceeds, of which around $120m will fund its growth strategy. The two airlines have a combined fleet of 52 aircraft and plan to increase this to around 80 by the end of 2028.