FLYBE IPO READY FOR LAUNCH

Dino D'Amore
By Dino D'Amore December 1, 2010 14:13

FLYBE IPO READY FOR LAUNCH

UK airline Flybe is set to launch an initial public offering (IPO) in December.

Market rumours suggest the IPO will price the airline at £250 million, with some £60 million likely to be raised by the IPO. The cash is earmarked for European expansion potentially via acquisition. Swiss regional airline FlyBaboo has been touted as a possible acquisition target, as well as a Finnish airline as yet unidentified. Flybe also needs to fund its order for up to 140 Embraer E175 aircraft.

Flybe’s major shareholders will not be selling their shares in the IPO. Rosedale Aviation Holdings controls 70% of the company, while chief executive Jim French will keep his 7%. BA will buy shares to ensure its share in the airline stays at 15%.

French said: “We are delighted to bring Flybe to the market. The company has come a long way in a short time, from its origins as a provincial carrier to being one of Europe’s leading regional airlines. A listing will assist Flybe in achieving the next stage in its exciting strategy for growth. We look forward to welcoming new shareholders on board for the next leg of our journey.”

Dino D'Amore
By Dino D'Amore December 1, 2010 14:13
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