Flybe sets float price
BUDGET airline Flybe priced its London listing at 295p per share on Friday, the top of its narrowed guidance range, raising up to £66m for Europe's largest regional carrier.
Flybe sold 24.4 million shares in the offering, including an overallotment option, representing around a 30 per cent stake in the company and valuing the airline at 215m.
The company, which focuses on niche UK routes, plans to use half the funds from the share sale to fund the expansion of its aircraft fleet and the other half to strengthen its cash position to allow it pursue other growth opportunities, such as acquisitions.
Flybe had initially offered its shares at a price range of 285p to 385p, but lowered the top end of price guidance to 295p on Thursday, the final day of bookbuild.