ASTANA — Kazakhstan’s flagship airline Air Astana revealed plans on Jan. 12 for an initial public offering (IPO), publishing a statement on its official website.
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The airline seeks to list on the Astana International Exchange (AIX) and the London Stock Exchange.
The potential offering would involve the sale of global depositary receipts and shares by BAE Systems (Kazakhstan) Limited and Samruk Kazyna Sovereign Wealth Fund, along with new issuances by Air Astana.
The airline said it expects to raise nearly $120 million. This will support the company’s growth strategy.
The intention to list in London and in Kazakhstan demonstrates the “solid foundation” of Air Astana and the “exciting prospects for increasing air transport on key markets,” said Air Astana CEO Peter Foster.
“We are confident that the IPO of shares will contribute to the next stage of growth for the Air Astana Group, presenting significant opportunities to consolidate existing routes and expand into new geographical regions, considering our plans for further fleet expansion and initiatives to enhance operational flexibility,” said Foster.
Air Astana is the largest airline group in Central Asia and the Caucasus. With its fleet of 49 aircraft, the airline transported approximately six million passengers in the first nine months of 2023 on around 41,000 flights across 99 routes in 21 countries.
“We are one of the fastest-growing airline groups globally, operating a modern, fuel-efficient fleet that transports approximately eight million customers annually, offering an award-winning level of service onboard our aircraft,” said Foster.
