Frankfurt airport owner Fraport is due for partial flotation in June and set to become the second largest publicly-quoted airport operator in Europe.

The company, formerly Frankfurt Airport Service Worldwide, has yet to release any firm details of the offer. According to reports in the Frankfurter Allgemeine newspaper, the company is to float 31% of its stock, with a nominal value of €10 ($9.5) per share. The move is designed to attract institutional and private investors, and would increase the share capital from €640 million to €930 million. The sale would dilute the holding of the State of Hesse Government, the majority shareholder.

Fraport has posted its annual results publicly in preparation for the flotation. A sharp increase in profits is reported for last year, up by 62% from €49 million to €129 million.

Turnover was up by over €160 million to about €1.53 billion. The IPO is going ahead despite difficult market conditions.

Source: Flight International