LONDON – Flyr, the new airline in Norway wants to start its IPO journey by applying with Euronext Growth to be listed in the Oslo Stock Exchange.
The Company seeks to raise NOK 600m (US$70.84M) in a private placement valuing the company at NOK 750m (US$88.56m) and has already received a commitment of NOK 165m (US$19.48) from cornerstone investors.
Arctic Securities, Carnegie, and Sparebank Markets are retained to assist the Company in the planned private placement of new shares in the Company followed by a listing of its shares on Euronext Growth. The expected first day of trading will be on March 1, 2021.
An IPO (Initial Public Offering) is the first listing of a company’s shares on the stock market. It enables the company to raise funds while also allowing existing shareholders to sell their shares. An IPO is the most common way to list a company’s shares on the stock exchange and make them available to both retail and institutional investors.
With Flyr’s IPO, the airline will be able to finance growth, increase visibility, enable investor reach and flexibility, among other busness benefits.
While IPOs are popular with business owners, they are not the only listing option with Euronext. Companies can opt for a range of transaction types no matter which market they select. However, according to Euronext, they may need to issue a prospectus approved by the competent authorities depending on how they list and the market they choose.
According to the company, Flyr will be a robust, Norway-based LCC, with a financially sustainable, efficient and demand driven business model.
The new airline will have modern systems for operations designed by industry experts, a fully digital customer journey and a management with extensive airline experience.
Following a successful private placement, the new airline will be fully funded up to a fleet of 28-30 aircraft, with operations on domestic and international routes out of Norway.
Statement from Flyr
Tonje Wikstrøm Frislid, CEO of Flyr, said that the Flyr model is designed for the air industry going forward. In addition to being fully funded, a listing on Euronext Growth will enable them to pursue opportunities in a recovering market.
Erik Braathen, founder and chairman of Flyr, said, “The reception from the investor community has been very positive. With a highly experienced management team and no legacy debt, we are in a unique position to secure modern aircraft at an historic low cost.”
Featured image: Boeing 737-800. Photo: Flyr