November 13, 2018 / 8:32 AM / a month ago

Kazakh uranium miner valued at $3 bln in London IPO

ALMATY, Nov 13 (Reuters) - Kazakh state-owned uranium miner Kazatomprom sold 15 percent of its stock in a dual-listing offering in London and Astana which valued the firm at $3 billion, the bottom of its pricing range, Kazatomprom said on Tuesday.

The sale of a stake in the world’s largest uranium producer is a first initial public offering of a large Kazakh company in more than a decade and the oil-exporting nation plans to follow it up with similar deals.

Kazakh sovereign wealth fund Samruk-Kazyna will raise between $400.8 million and $451.3 million from the share sale, depending on whether the over-allotment option is exercised, Kazatomprom said in a statement.

Most of the demand came from London. Institutional and retail investors operating through the Astana International Exchange (AIX) in Kazakhstan have bought 2.1 percent of Kazatomprom stock.

Kazatomprom’s pricing range of $11.60-$15.40 per London-listed global depository receipt (GDR) implied a capitalisation of $3 billion to $4 billion. (Reporting by Olzhas Auyezov)

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