Air Astana aims to land $962m valuation in float

Kazakhstan's Air Astana on Monday set the price range for joint stock exchange listings in the UK and its home market, preparing the ground for a float that would boost London's sluggish IPO market. The offering is aiming to drum up $300m, of which $120m will be raised by the company. Bookrunners on the deal said on Monday evening that the books had been covered. Air Astana is aiming for a market valuation of between $770m and $962m through the float, the company said. The listing, first announced earlier in January, will enable Kazakhstan's sovereign wealth fund and British defence giant BAE Systems to reduce their current stakes in the airline. Central Asian airlines such as Air Astana have benefited from the closure of Russian airspace, helping boost passenger numbers and revenues for the region's carriers. "As one of the fast-growing airline groups, we firmly believe that Air Astana represents an attractive investment proposition," said CEO Peter Foster, adding that proceeds of the initial public offering would go towards growth opportunities. The price range for the offering of new and existing shares on the London Stock Exchange and Kazakhstan's AIX and KASE markets has been set between $8.50 to $11.00 per depository receipt and $2.13 to $2.75 per share. The final price will be determined by a bookbuilding process and is expected to be announced around Feb. 9, it added, with trading set to commence in London on Feb. 14 and in Kazakhstan on Feb. 15.<br/>