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BAe Set To Gain From Air Astana IPO; Roadshows Start Today

CAPITAL GOODS

Air Astana (2362914D LI) IPO roadshows kicking off; company is 49% owned by BAe Systems (BA/ LN).


  • BBG headlines: “*AIR ASTANA EXPECTS TO RAISE GROSS PROCEEDS OF AROUND $120M” and “*AIR ASTANA EXPECTS MARKET CAP OF BETWEEN $770M AND $962M.” Pricing to be announced 9-Feb-24.
  • BAe’s implicit stake value looks to be over USD385m, significantly above the carrying value on its balance sheet (reported at GBP63m at Dec-22) but press is reporting the windfall may be paid out to equity holders as a dividend.
  • Either way, this appears likely to be a minor credit positive for BAe (from either a derisking perspective or assumption that at least some net gain is retained).
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