Air Astana: the Kazakh-British JV floated in 2024 as the region's first LSE airline

Air Astana was founded in 2001 as a 51/49 joint venture between Kazakhstan's sovereign wealth fund Samruk-Kazyna and BAE Systems, starting flights in May 2002 and building a reputation as Central Asia's most reliable carrier under long-time CEO Peter Foster.

In February 2024 the shareholders took it public: a $370 million IPO with global depositary receipts trading on the London Stock Exchange from 14 February and shares on the Astana International Exchange and KASE, making it the region's first airline listed in London.

Kazakh retail investors dominated the local book: more than 29,000 orders worth over 100 billion tenge (US$223.4 million), and KASE alone executed $108.9 million of purchases on debut. Management framed the float as funding infrastructure and fleet growth rather than an exit.

The first year as a listed group vindicated the price: 9 million passengers, revenue up 12.4% to $1.308 billion, operating profit up 14.9% to $145.7 million and net profit of $65.2 million.

$370m raised; listed 9 Feb 2024 on LSE, AIX and KASE; first listed year: 9m passengers, $1.308bn revenue (+12.4%), $145.7m operating profit.

The 2024 IPO came out of Kazakhstan's rolling privatization programme, which needed a high-quality flagship after Kazatomprom opened the door in 2018.

A dual GDR structure across London, Astana and KASE let the state import pricing credibility while building its own exchanges.

Twenty-two years of operational record gave IPO investors audited cash flows rather than a state promise.

Retail-friendly local tranches converted the national carrier's customers into a shareholder base, cushioning the debut.

A well-run state JV is the best advertisement for a new capital market: list the cleanest asset, let local retail set the tone, and the sovereign keeps its anchor stake.

The listing made Air Astana the benchmark holding for Central Asian equities abroad, though 2025 profits were dented by unscheduled engine removals from Pratt & Whitney recalls. Long-time CEO Peter Foster announced his retirement for March 2026, with the listed board handing over to a successor - the first such transition the company has made as a public company.