White & Case Advises Banks on JSC NAC Kazatomprom's US$3 Billion Dual LSE/AIX Listing

Global law firm White & Case LLP has advised on the largest Kazakhstani initial public offering (IPO) on the London Stock Exchange (LSE) in more than a decade, and the first IPO on the newly established Astana International Exchange (AIX), the stock exchange of the Astana International Financial Centre.

The Firm advised a syndicate of banks including Credit Suisse and J.P. Morgan as Joint Global Coordinators and Joint Bookrunners, China International Capital Corporation, Halyk Finance and Mizuho International plc as Joint Bookrunners, and Numis Securities as Co-Manager, on the initial public offering of JSC NAC Kazatomprom, the world's largest uranium producer.

"We have advised on a remarkable event for the Republic of Kazakhstan and a new stage in the development of Kazakh national companies," said Astana-based White & case partner Pavel Kornilov, who co-led the Firm's deal team. "As the first IPO on the AIX, our advice included amending existing Kazakhstan legislation to allow the listing of shares in Kazakhstani companies on AIX, and developing the local offering and settlement structure alongside the local broker."

With approximately 20 percent of total global uranium primary production in 2017, Kazatomprom is the world's largest producer of uranium. Its float is the first dual-listed IPO on the LSE and AIX, and the first Kazakhstani privatization by way of an international IPO under the Kazakhstan Privatization Programme 2016-2020.

The offering comprised a sale of ordinary shares and global depositary receipts by Samruk-Kazyna, a sovereign wealth fund of the Republic of Kazakhstan. Kazatomprom's ordinary shares have been admitted to trading on the AIX, and the global depositary receipts representing its ordinary shares have been admitted to trading on the main market for listed securities of the LSE and AIX.

The White & Case team which advised on the transaction was led by partners Pavel Kornilov (Astana), Darina Lozovsky (London & Moscow) and Inigo Esteve (London), with support from associates Amulang Povaeva (Moscow), Karina Sultanaliyeva, Alikhan Baizakov and Tatyana Lee (all Astana).

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