The buzz on the markets right now is with the Hungarian low-cost carrier, Wizz Air, up 9% on new London listing.
Unofficial trading after its debut IPO on the London stock exchange saw shares in Wizz Air take the low-cost carrier up 9%.
With the floating of 52,263,615 ordinary shares, Wizz Air raised GBP257 million, which was well above expectations of GBP109 million. Air carriers are popular with investors presently due to the potential profits available because of the price slump in fuel, and due to rising consumer confidence data that tends to translate into people going on holiday abroad instead of the recession trend of home vacations.
Wizz Air attempted listing eight months ago but at that time the listing failed. Monday March 2 is the official listing date, though shares have been trading unofficially since last Wednesday.
The shares taken to the London exchange included 23,360,008 offered shares comprising 9,578,820 newly issued shares and 13,781,188 offered by existing shareholders. The company has now sold 71% of available equity.
Priced at GBP11.50 on trade opening, Wizz shares closed at GBP12.50 giving the carrier a total valuation of GBP601 million. These new funds now available through the listing are already earmarked for new planes, namely of fifty-seven Airbus A320-family aircraft plus parts.
Wizz Air provides low-cost air transportation services on scheduled short-haul and medium-haul point-to-point routes across Europe and into the Caucasus and the Middle East with flights to 106 destinations on over 350 routes in 37 countries. Wizz Air carried in excess of 15.8 million passengers on more than 100,000 flights in 2014 and as of 31 December 2014 had carried over 85 million passengers in total since the start of its operations on 19 May 2004.
STOCK.com endevours to meet the needs of traders, giving them the opportunity to trade on new stocks that are offered to the market, hence Wizz Air will appear on the STOCK.com MetaTrader4 platform as of Monday.
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