The Fieldfisher London corporate team has advised on the largest IPO on the London Stock Exchange of 2024.
European law firm Fieldfisher has advised joint-stock company Sovereign Wealth Fund, Samruk-Kazyna, a major shareholder of Air Astana, on its initial public offering of shares and global depositary receipts (GDRs) on three stock exchanges: the Kazakhstan Stock Exchange (KASE), Astana International Exchange (AIX), and London Stock Exchange (LSE).
The Air Astana Group is the largest airline group in Central Asia and the Caucasus region based on market share. Samruk-Kazyna is a Kazakhstani Wealth Fund and a joint stock company and is one of the largest stakeholders in many of the businesses in Kazakhstan, including Air Astana.
The total deal size for the IPO was USD 350 million pre-over-allotment option, valuing Air Astana Group at USD 847 million. This transaction makes Air Astana Group the first Kazakhstani company to place shares simultaneously on three exchanges within the country and abroad and also the largest IPO on the London Stock Exchange of 2024.
The IPO represents a significant component of Kazakhstan's economic reform initiative aimed at transitioning towards a free market economy by privatizing state-owned enterprises.
This strategic move is set to provide Air Astana with increased liquidity and a broader investor base, including global institutional investors. The IPO is expected to generate proceeds that will be instrumental in supporting Air Astana's ambitious growth strategy. Furthermore, the IPO facilitates Air Astana's entry into the international capital markets, enhancing its visibility and accessibility to global investors.
The Fieldfisher team advising Samruk-Kazyna was led in London by Corporate Partner Nodir Sidikov, alongside Senior Associate Galina Rivkina with support from Partner Natalia Shuster, Director Tamara Vasiljeva, and Senior Paralegal Julia Safitova from the firm’s Corporate practice, and Partner Mark Gearing and Associate Jessica Kilkelly covering the tax aspects.
Commenting on this deal, Nodir Sidikov said: "It's great to have advised Samruk-Kazyna on the largest IPO on the London Stock Exchange this year. Advising on a triple listing in what proved to be a highly intricate deal, owing to the stringent regulations of the industry, was a testament to our team's expertise and dedication This achievement underscored the significant progress made in Kazakhstan's economic reforms and highlighted Air Astana's strong position in the global market. We were proud to have played a role in facilitating this milestone moment."