Conditional trading of Air Astana GDRsand Shares denominated in USD to start on AIX

08 February 2024

This is the first case of conditional trading in Kazakhstan

Astana International Exchange (“AIX”, “Exchange”) is pleased to announce that conditional trading[1] in the global depositary receipts (“GDRs”) of Air Astana JSC is expected to commence on the AIX and London Stock Exchange plc (“LSE“) at 2pm (Astana time) (8:00 am London time) on 9th of February, 2024. Conditional trading in Common Shares denominated in USD shall open in parallel on the AIX exclusively. Real-time market data will be available on the AIX website at the Market Watch web page ( ).

The market maker on AIX will be Freedom Broker.

Conditional trading ends with the issuance and allocation into investors’ accounts of the GDR and Common Shares they subscribed for during the IPO period.

It is expected that unconditional trading on AIX (Shares and the GDRs) and Kazakhstan Stock Exchange (Shares) and LSE (GDRs) will commence on 15th February, 2024.

Assel Mukazhanova, CEO of the AIX, said:

“AIX has played a prominent role in partnering with our members and their clients to craft solutions that streamline access to additional liquidity and enhance the attainment of optimal execution. Through our collaboration with Freedom Broker, we are introducing local investors to the novel concept of conditional trading, a pioneering option within the Kazakh stock market. AIX is fostering integration between Kazakhstani and international markets through the dual listing of shares and GDRs, not only simplifying trading processes but also offering   investors a broader array of opportunities while maintaining market integrity and security.”

Sergey Lukyanov, Chairman of the Board of Directors of Freedom Finance Global, said:

“Of course, we are seeing high interest and great demand for Air Astana securities among our customers and those who are just planning to start trading on the stock market. Having extensive experience and relevant technologies, we happily decided to support the AIX initiative and act as a market maker during the early trading period in the pre-market. Our cooperation with AIX will provide Kazakhstanis with the opportunity to start trading securities on equal terms with foreign investors and will allow them to satisfy their demand for securities. The transaction procedure is standard; the investor just needs to submit an order through his broker. The introduction of practices from foreign markets has a positive effect on the development of the local stock market, expanding the opportunities of Kazakhstan investors.

[1] Conditional trading allows investors to trade securities, subscribed in IPO, immediately after the final IPO price announcement and before the start of regular trading on the exchange (unconditional trading). Investors can buy securities on the secondary market if, for some reason, they did not manage to submit a subscription bid in the IPO, or sell securities immediately after the IPO, before the securities are actually credited to the investor’s account in the exchange’s clearing system. Settlement of conditional trades occurs out of the regular T+2 settlement cycle, when the securities are credited to the investor’s account, following which conditional trading transits to regular unconditional trading with a T+2 settlement cycle.


AIX was formed in 2017 within the Astana International Financial Centre development framework. AIX shareholders are AIFC, the Shanghai stock exchange, the Silk Road Fund, and NASDAQ, which also provides the AIX trading platform. The exchange operates within a regulatory environment based on the principles of English Law, thus providing a reliable investment environment. The mission of AIX is to develop an active capital market in Kazakhstan and the region by providing clear and favorable conditions for attracting financing to private and public businesses. AIX develops special segments for mining companies as well as infrastructure projects under the Belt and Road initiative.

The Astana International Financial Centre (AIFC) is an independent jurisdiction that started (AIFC) is an independent jurisdiction with a favourable legal and regulatory environment and a developed infrastructure for starting and doing business, attracting investment, creating jobs and developing Kazakhstan’s economy.