Air Astana Group has confirmed it will list in London next month through an offering that will see BAE Systems sell down some of its stake in the Kazakhstan-based airline.
The offer will also see Kazakhstan's sovereign wealth fund sell part of its interest while the airline will raise US$120 million in new money.
Following the float, some 25% of the airline’s issued share capital will be publicly listed in both London and Kazakhstan though what stake BAe will own following the listing was not disclosed.
Currently, BAE owns 49% of the central Asian and Caucasus-focussed airline after co-funding its launch in 2002.
“As the largest airline group in Central Asia and the Caucasus, we are confident that our industry standing, market position and growth profile present a compelling investment opportunity,” Astana executive Peter Foster commented.
Proceeds from the listings will fuel Astana’s growth plans, the 49-aircraft strong carrier added on Friday.