Air Astana postpones London IPO to February
Air Astana said its dual listing will comprise two offerings: shares and global depositary receipts (GDRs) in Kazakhstan and GDRs in London.
In a stock exchange notice today (22 January), the company said its dual listing will comprise two offerings: shares and global depositary receipts (GDRs) in Kazakhstan and GDRs in London.
Kazakh airline Air Astana plans dual London listing
The overall offering will include shares and GDRs held by BAE Systems, which owns 49% of the airline, and by sovereign wealth fund Samruk-Kazyna Joint Stock Company, in addition to he shares and GDRs issued by Air Astana.
The business said it intends to apply for the admission of the GDRs to the standard listing segment of the Financial Conduct Authority's Official List and to trading on the main market for listed securities of the London Stock Exchange.
Domestically, it will apply for admission of the shares and GDRs to the official list of the Astana International Exchange (AIX) and for its shares to also be admitted to trade on the premium segment of the main market of the Kazakhstan Stock Exchange (KASE).
The company did not reveal a final offer price, as it explained it will wait for the book-building process to take place first.
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The management roadshow is expected to take place on 29 January, with the listings on the London and Astana exchanges predicted for February 2024.
The admission to KASE is expected to take place today.
The airline added that, in connection with its global offering, BAE Systems intends to grant an over-allotment option for up to 15% of the global GRDs.
Peter Foster, Air Astana Group president and CEO, said: «On behalf of the company, I am delighted to formally
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