Kazakh carrier Air Astana to float in London in February

Kazakh carrier Air Astana confirmed its plan to float in London, aiming to raise fresh funds to help fuel its growth, and allowing its investors Kazakhstan's sovereign wealth fund and British defence giant BAE Systems reduce their stakes. Air Astana said in a statement on Friday it expected its initial public offering of new shares and existing stock on the London Stock Exchange and Kazakhstan's AIX market to go ahead in February, in a boost for London's sluggish IPO market. The airline said it would float at least 25% of its share capital. It announced last week it was aiming to raise about $120m from the IPO. Air Astana flies 49 aircraft. It carried 7m passengers and posted operating profit of $149m in 2022. The listing will be a windfall for BAE depending on how much of its 49% stake it sells. BAE, whose main business is making fighter jets and submarines, invested less than $10m in 2001 to help fund Air Astana's launch at a time when it was bidding to sell a radar system to Kazakhstan. A BAE spokesperson said: "Air Astana is a thriving, well-managed business and presents an attractive proposition to the market."<br/>