Air Astana IPO

Air Astana is the flagship carrier of Kazakhstan and one of the fastest growing airline groups in the world. Instinctif has been the retained international PR adviser since 2018, providing capital markets advisory, annual reports, website design and video production.

The airline was owned by the Kazakhstan Sovereign Wealth Fund (51%) and BAE Systems (49%). As such, its IPO involved a dual listing to satisfy local, retail demand in Kazakhstan (KASE and AIX) and an international offering on the London Stock Exchange. Instinctif executed an integrated campaign that covered capital markets advisory, investor relations, reporting, and video production. Our approach featured strategic messaging and corporate positioning to effectively communicate Air Astana's equity story. Results included: Extensive media coverage during the bookbuild process, including CEO profiles (CNBC TV) and messaging support. Instinctif’s investor film was broadcast widely, including on-board the aircraft for domestic passengers, raising awareness of the Group’s successes and its upcoming IPO. Over 120 pieces of coverage across print and online media between the EITF and Admission (national newspapers, newswires, broadcast channels, investor press, and aviation trade media) focusing on positive market dynamics and the company’s sector-leading recovery from the Covid-19 pandemic. The IPO was successfully completed in February 2024, raising USD 356 million at a valuation of USD 847 million (middle of the pricing range) with over 60,000 retail orders placed and over 70 domestic and international institutional investors involved.