Flybe to raise $93m in stock listing

London
Source: Flightglobal.com
This story is sourced from Flightglobal.com

UK regional carrier Flybe is to float on the London stock exchange, offering around £60 million ($93 million) in new shares.

British Airways is intending to commit to the share offering in order to maintain its 15% stake in the airline.

Flybe will use around half of the proceeds from the offer to help fund its fleet-expansion programme and the other half to strengthen its cash position and provide capital for acquisitions or other strategic pursuits.

Chief executive Jim French says the listing will assist the carrier in "achieving the next stage in its exciting strategy for growth", adding that the company will "welcome new shareholders on board".

Rosedale Aviation Holdings is Flybe's largest shareholder. Rosedale deputy chairman Mark Chown says the carrier has "a proven and resilient business model" with a management "capable of realising significant future growth opportunities".