National Atomic Co. Kazatomprom JSC set a price of US$11.60 per global depositary receipt for a London and Astana IPO of a 15% stake, valuing the entire company at US$3 billion, according to a Nov. 13 news release.
Kazakhstan's sovereign wealth fund Samruk-Kazyna will sell 38,903,491 Kazatomprom shares in the form of global depositary receipts, or GDRs.
The total size of the offering is US$451.3 million, assuming full exercise of the overallotment option. The price has been set at US$11.60 per GDR and 4,343.85 Kazakh tenge per share. The GDRs were made available to investors in U.S. dollars.
Following the offering, Samruk-Kazyna will own 85% of Kazatomprom.
Conditional trading in the GDRs on the London Stock Exchange will start Nov. 13 under the ticker KAP and unconditional trading in the GDRs on the Astana International Exchange is expected to start on Nov. 19, the company noted.
As of Nov. 12, US$1 was equivalent to 374.00 Kazakh tenge.
