Airline Finance by Dr Peter S Morrell

Author:Dr Peter S Morrell [Morrell, Dr Peter S]
Language: eng
Format: azw3, pdf
Publisher: Ashgate Publishing Ltd
Published: 2013-06-28T04:00:00+00:00

Table 6.7 Airline IPOs taking place between 2000 and 2012*

The IPOs shown above varied in their marketing strategy: Jet Airways offered 60 per cent of its issue to financial institutions in contrast to Norwegian offering only 20 per cent. One start-up, Silverjet, managed to raise over £30m in equity before it had even applied for an Air Operator’s Certificate (AOC) from the UK Civil Aviation Authority, but has since ceased trading. By August 2006, easyJet’s highest share price reached 57 per cent above the issue price and Air Asia 67 per cent; on the other hand, Virgin Blue only climbed 16 per cent above its issue price and SkyEurope 6 per cent higher. Air Berlin had not risen above its initial offer price, neither had Eurofly.

A number of airlines were planning IPOs in 2012 in addition to Thai AirAsia (in Table 6.7): Virgin America, Pegasus (Turkey) and Hong Kong Airlines. However, with the banking and € crisis still not resolved, stock markets did not offer the best conditions for such offers.

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