Kazakh airline Air Astana plans dual London listing
President and CEO Peter Foster said the initial public offering will accelerate the company’s 'next stage of growth'.
The group, which operates routes in Kazakhstan, Central Asia and the Caucasus, said in a regulatory filing on Friday (12 January) it would seek to raise $120m in dual listings in London and Kazakhstan.
However, Air Astana did not specify how much of the company would be floated or confirm an expected valuation range.
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President and CEO Peter Foster said the initial public offering would accelerate the company's «next stage of growth».
«We see significant opportunities to thicken our existing routes and expand into new geographic areas, supported by our continued fleet expansion plan and initiatives to increase operational flexibility,» he said.
The carrier said the offering would be expected to comprise the sale of shares held by British defence company BAE Systems, which owns 49% of the company, and the Kazakh sovereign wealth fund, in addition to new shares issued by the company.
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The potential listing follows the announcement by The London Tunnels, which plans to restore and commercialise London's Kingsway Exchange Tunnels, that it aimed to list in London later this month.
Both listings would be a boost for the London Stock Exchange, which has recently suffered an exodus of companies to New York and last year experienced one of the worst years for IPOs in almost three decades.
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