Flybe has set 295 pence as its share price in the airlines initial public offering, representing a market capitalization of around £215 million.
The initial price was near the low-end of the expected pricing range. The company is raising around £68 million on its floatation of 20.3 million shares.
During the initial trading period, the share price was up to more than 323 pence.
The airline says half of the proceeds will finance its fleet expansion plans, which includes this year’s commitment to greatly increase its Embraer regional jet fleet with 35 firm orders, with 105 more in options and purchase rights. The other half is aimed at funding potential acquisitions airline CEO Jim French has signaled strong interest in.
The airline had revenue of £570.5 million in the first six months and operating earnings of £90.9 million.
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