Air Astana Terminal privatisation

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"This project comprises the initial public offering of Air Astana in Kazakhstan. It is part of the country's privatisation agenda and aims to reduce the state's stake in the Company from 51 per cent to a non-controlling stake. The IPO's funds will be used for to support fleet expansion and renewal programme, the construction of an aircraft maintenance facility and the acquisition of a flight simulator. The total deal size for the IPO is $370 million, which includes the existing shareholders Samruk-Kazyna Joint Stock Company, the Sovereign Wealth Fund of the Republic of Kazakhstan, and BAE Systems (Kazakhstan) Limited both sold Shares (or GDRs representing Shares) and reduce their shareholdings to 41.0% and, assuming the over-allotment option is exercised in full, 15.3% respectively. Retail investors submitted c.60k orders in the Air Astana IPO for c. $216 million. Retail investors received c.53% of their total demand. Kazakh institutional investors (including pension fund) received c.38% of their total demand and international investors received c.25% of their total demand in the offering. The IPO on local market was over subscribed and exceeded $483 million, and in order to ensure equitable treatment and in line with other international offerings, retail investors’ orders $30k or below were allocated in full, with pro-rata allocation for the remainder of the demand based on the residual amount over $30k. European Bank for Reconstruction and Development (EBRD) got into the deal with $41.99 million contribution, which represents 5% of the company. The IPO took place on February 14, 2024. " https://www.ebrd.com/work-with-us/projects/psd/53723.html ; https://ir.airastana.com/media/8dc2e071dfb45d4/completion-of-ipo-announcement.pdf https://www.ebrd.com/work-with-us/projects/psd/53723.html ; https://ir.airastana.com/media/8dc2e071dfb45d4/completion-of-ipo-announcement.pdf