9 Feb 2024 11:31

Final Air Astana IPO placement price is 1,073.83 tenge per share, $9.5 per GDR

ALMATY. Feb 9 (Interfax) - The final placement price for the IPO of Kazakh airline Air Astana was 1,073.83 tenge per share and $9.5 per GDR, the airline said.

Based on the offer price, the company's market capitalization will be approximately $847 million when trading begins on the main market of the London Stock Exchange and in Kazakhstan.

BAE is selling over 21.7 million GDRs (including 7.5 million receipts as part of the placement in Kazakhstan and 14.2 million GDRs on the international market). In addition, investors in Kazakhstan were offered 60.4 million shares, which are shares from the Air Astana additional issue and shares from the Samruk-Kazyna package.

Total proceeds from the IPO will be $350 million, and if the option is fully exercised, $370 million. Air Astana will also raise $120 million to support its growth strategy.

BAE has granted an option to purchase over 2 million GDRs as part of the offer for international investors. The total number of company shares outstanding will be 356,526,315.

One company GDR corresponds in value to 4 shares.

The IPO price range was from $8.5 to $11 per GDR and from $2.13 to $2.75 per share.

The official exchange rate as of February 9 is 450.34 tenge/$1.