Air Astana tops IPO goal after raising $370mln

Air Astana Group of Companies raised 370 million US dollar in an initial public offering on Kazakhstan Stock Exchange, Astana International Exchange and London Stock Exchange, Kazinform News Agency cites the company’s website.

 Air Astana’s IPO raised 370 million US dollars. 97.8% of the orders from retail investors were allocated in full, reads the airline’s statement.

Local investors received 58% of the offering with international investors receiving 42%. Total demand on the local market exceeded 483 million US dollars. Retail investors submitted over 60 thousand orders in the Air Astana IPO for 216 million US dollars. Retail investors received 53% of their total demand. Kazakhstani institutional investors (including the pension fund) received 38% of their total demand and international investors received 25% of their total demand in the offering.

To ensure equitable treatment and in line with other international offerings, retail investors’ orders in the amount of 30 thousand US dollars or below were allocated in full, with pro-rata allocation for the remainder of the demand based on the residual amount of over 30 thousand US dollars. As a result, 97.8% of the orders from retail investors were allocated in full, says the statement.

As part of the IPO, the Group raised 120 million US dollars worth primary proceeds to accelerate the next stage of its growth.