Wizz Air renews plan for IPO

Wizz Air announced (04-Feb-2015) its intention to proceed with an initial public offering (IPO) of its ordinary shares to institutional and professional investors, with the company to apply for the admission of its shares to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the main market of the London Stock Exchange. The offer will comprise new ordinary shares to raise gross proceeds of approximately EUR150 million, and the sale of ordinary shares by existing investors. Wizz Air expects to complete the offer in 1Q2015, with the company expecting to be considered eligible for inclusion in the FTSE UK Index Series. Wizz Air plans to use the proceeds to "to further strengthen its balance sheet, providing strategic flexibility to fund its future growth", in addition to enabling existing shareholders to realise their investment. [more - original PR]