The offering comprised new GDRs alongside those owned by British multinational aviation company BAE Systems and the Kazakh sovereign wealth fund, Samruk-Kazyna. BAE and Samruk-Kazyna offered over 21.5 million and nearly 60.4 million GDRs, respectively, with BAE committing to an additional allocation to cover over-allotments.
Air Astana $370M London IPO : Utilization of Proceeds
Of the total proceeds, Air Astana earmarked $120 million to fuel its growth initiatives and maintain a prudent level of liquidity and borrowings. The company highlighted the potential to reach a total of $370 million if further GDR issuances are pursued by BAE or the Kazakh fund to meet investor demand.
Revising Ownership Structure
Preceding the IPO, BAE held a 49% stake in Air Astana, with Samruk-Kazyna owning the remaining 51%. Post-offer, the Kazakh fund’s ownership will reduce to 41%, while BAE’s shareholding will stand at 15.3%.
Key Players and Market Trends
Citigroup Global Markets Ltd. and Jefferies International Ltd. acted as joint global coordinators and bookrunners for the offering, with WOOD & Co. Financial Services serving as a joint bookrunner. The London listing of Air Astana adds to a trend, with 23 companies opting for London in 2023, despite a slight dip in total funds raised compared to the previous year.
