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(Sharecast News) - Air Astana, the flag carrier of Kazakhstan part-owned by BAE Systems that is applying for a dual listing in London and Almaty next month, has set a price for its IPO which is expected raise gross proceeds of $120m.
The company, which is also owned by sovereign wealth fund Samruk-Kazyna, said the indicative price range of the IPO has been set at $8.50 to $11 per global depositary receipt (GDR) and $2.13 to $2.75 per share.
This will value the airline at somewhere between $770m and $962m, though the final price will be determined following a bookbuilding process announced on or around 9 February.
Air Astana will be listed on main market of the London Stock Exchange as well as the Astana International Exchange and the main market of the JSC Kazakhstan Stock Exchange.
"We are pleased to announce the significant progress made for our initial public offering on the LSE, AIX and KASE. The response to the offering and strong investor interest have been very positive," said president and chief executive Peter Foster.
"As one of the fast-growing airline groups, we firmly believe that Air Astana represents an attractive investment proposition, supported by strong financial and operational track record, significant growth opportunities, and an experienced, disciplined management team. We look forward to continuing our success while creating long-term value for our future shareholders."
