Wizz Air eyes €200 million IPO

Wizz Air eyes €200 million IPO

Central European budget carrier Wizz Air aims to raise €200 million through an initial public offering.

The float on the London Stock Exchange is due to be completed next month.

The airline is to use the proceeds to further strengthen its balance sheet, providing strategic flexibility to fund its future growth plans, to help fund new assets and parts and for other general corporate purposes, Wizz Air said.

The current fleet plan provides for growth from 50 Airbus A320s to 82 aircraft by the end of 2017.

Wizz Air carried more than 13.9 million passengers in the year to March and has seen annual growth rates of 14% over the past five years.

Chief executive József Váradi said: “Wizz Air is the largest low-cost carrier in central and eastern Europe.  We regularly open up new markets where our low fares give customers access to low-cost air travel for the first time.

“Our consistent focus on providing high-quality services at attractive price points has brought strong, sustained growth in revenue and profit, significant brand recognition and a reputation for innovation and hometown customer care.

“We look forward to building on our success to date as we leverage opportunities both in our current markets, new markets in the central and eastern European region and further east, many of which have significantly higher GDP growth forecasts than the rest of Western Europe and whose propensity to travel by air can be stimulated and driven by the low air-fares we offer.”

Sourced from Travel Weekly

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