Air Astana, the national flag carrier of Kazakhstan, will begin the process of selecting banks to advise it on its 2018 initial public offering (IPO) this autumn, according to the airline’s chief executive officer (CEO).
Speaking to Airfinance Journal at the carrier’s head offices in Almaty, Peter Foster said the airline will mandate the banks to advise them on the IPO by February 2017, with a view to launching the offering between March and October 2018.
Asked how much capital the airline wants to raise with the offering, he says: “It's really too early to say as we haven’t worked out the amount of shares that are going to go on the market – whether that’s 30% or 50%. We’ll be guided by the investment bankers on that and we haven’t appointed them just yet – that process will start in September or October.
“So if we were to do a dual listing in London for example, there has to be a sensible amount of liquidity available,” he adds.
As well as London, the Central Asian airline is considering Hong Kong and Singapore as options for a dual listing. The IPO will also list in Kazakhstan.
Kazakhstan’s sovereign wealth fund Samruk-Kazyna owns 51% of Air Astana and 49% of the airline is owned by BAE Systems.
The Kazakh government announced last year its intention to privatise dozens of national companies, including Air Astana; Kazakhtelecom, the country's main telecoms operator; and Kazakhstan Temir Zholy, the national railway. Although the country is commodity rich, many of its national companies are in need investment amid an economic crisis caused by a weakened Kazakh tenge.
Air Astana has a fleet of 30 aircraft, including eight Airbus A320s, nine Embraer E190s, five Boeing 757s, three 767-300ERs, four A321s and one A319.
To see all of Air Astana’s recent and historic deals visit Airfinance Journal’s Deals Database.
Jack.Dutton@euromoneyplc.com
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