Air Astana reveals target price as airline eyes 14 February listing
investmentweek.co.ukThe firm’s global depositary receipts will be available to investors between $8.50-$11 per GDR.
The firm's global depositary receipts will be available to investors between $8.50-$11 per GDR, while shares in the company will only be available on the Kazakhstan Stock Exchange (KASE) or Astana International Exchange (AIX).
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One GDR will represent four shares in the firm, which will be available between $2.13-$2.75, although orders must be placed in KZT and will be equal to the final offer prices per GDR divided by four.
The IPO is set to raise new proceeds of $120m, with further GDRs and shares made available by a sale of holdings by Sovereign Wealth Fund Samruk-Kazyna Joint Stock Company (SK) and BAE Systems (Kazakhstan) for a total of approximately $300m.
BAE intends to offer an over-allotment of up to a maximum of 15% of the global offer GDRs.
Air Astana, SK and BAE have agreed to a lock-up of 180 days following London admission, subject to exemptions.
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Final pricing is expected on or around 9 February, with London admission to begin on 14 February.
Dealing on the AIX and KASE is due to commence on 15 February.
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