Wizz Air launches IPO

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By TESTCustomwebLP TESTCustomwebLP February 25, 2015 21:20

Wizz Air launches IPO

Wizz Air has priced its £257 million initial public offering (IPO) of 23,360,008 Ordinary Shares at 1150p per ordinary share. Wizz Air will receive approximately £103 million (€140 million) net proceeds from the Global Offer.

Based on the Offer Price, the listed market capitalisation Wizz Air at Admission will be £601 million (€818 million), based on Ordinary Shares only.

Based on the Offer Price, the fully diluted equity value of the Company at Admission will be £1,456 million (€1,983 million) (based on the fully diluted share capital).
The size of the offering was £257 million net of expenses (€350 million).

Admission to the premium listing segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange, and the commencement of unconditional dealings are expected to take place at 8am on 2 March 2015.

Wizz Air conditional dealings commenced on the London Stock Exchange at 8am today under the ticker “WIZZ”.

The issued share capital of the airline company will be 52,263,615 ordinary shares of £0.0001 each and based on the Offer Price, the listed market capitalisation of the company at Admission will be £601 million (€818 million) based on Ordinary Shares only.  Based on the Offer Price, the fully diluted equity value of the Company at Admission will be £1,456 million (€1,983 million) (based on the fully diluted share capital).

The fully diluted share capital of the company will be 126,611,002, comprising 52,263,615 issued Ordinary Shares, as well as 48,830,503 non-voting, non-participating convertible shares of £0.0001 each (Convertible Shares), which will be convertible into Ordinary Shares on a one-for-one basis, Indigo’s Retained Convertible Notes and up to 1,153,946 Ordinary Shares which may be issued on valid exercise of outstanding vested options under the Company’s existing employee share option plan.

The net proceeds from the Global Offer receivable by the shareholders selling Ordinary Shares will be approximately £154 million (€210 million). The Selling Shareholders comprise certain of the Company’s senior management, employees, ex-employees and other investors.

Immediately following Admission, Indigo will hold approximately 19.6% of the voting rights attached to the issued share capital of Wizz Air, assuming no exercise of the Over-allotment Option, and 12.9% assuming the Over-allotment Option is exercised in full. Immediately following Admission, Indigo will also hold: €26.3 million in principal amount of Convertible Notes; and 48,830,503 Convertible Shares which, on conversion in full of all of Indigo’s Retained Convertible Notes and Convertible Shares, would entitle Indigo to have issued to it a further 46.9% of the enlarged issued share capital of the Company, based on the number of Ordinary Shares expected to be in issue as at Admission.

Assuming full conversion of all of Indigo’s Retained Convertible Notes and all of the Convertible Shares, Indigo’s Retained Convertible Notes and the Convertible Shares would represent 58.3% of such fully diluted share capital immediately following Admission, with 41.7% being represented by the Ordinary Shares in issue immediately following Admission.

As stabilising manager, Citigroup Global Markets Limited (Citi) has been granted an over-allotment option (exercisable no later than thirty calendar days from today) by investment funds managed by Indigo of up to 3,504,000 Ordinary Shares, representing approximately 15% of the Global Offer.

It is expected that Wizz Air will be eligible for inclusion in the FTSE UK Index Series at the quarterly review in June 2015.

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By TESTCustomwebLP TESTCustomwebLP February 25, 2015 21:20