London Stock Exchange today welcomed Wizz Air Holdings PLC

London Stock Exchange today welcomed Wizz Air Holdings PLC

London Stock Exchange today welcomed Wizz Air Holdings PLC to open the market on the first day of conditional dealings in the Company’s shares following its successful IPO.

Wizz Air is an ultra low-cost carrier and the largest low-cost carrier in Central and Eastern Europe (on the basis of scheduled departing seat capacity recorded by Innovata for FY 2014 and H1 2015). It 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.

Established in September 2003, Wizz Air operated from 18 bases in 10 CEE countries with flights to 106 destinations on over 350 routes in 37 countries as at the end of H1 2015. The company carried in excess of 15.8 million passengers on more than 100,000 flights in calendar year 2014 and as at 31 December 2014 had carried over 85 million passengers in total since the start of its operations on 19 May 2004.

The initial public offer priced at 1150 pence per share, giving the business a market capitalisation of £601 million (€818 million) at admission and £1.456 billion (€1.983 billion) on a fully diluted basis.  The offer amounted to £257 million (€350 million) net of expenses, of which £103 million (€140 million) net of expenses was money raised for the company to further strengthen its balance sheet, providing strategic flexibility to fund its future growth plans.

Wizz Air will be admitted to the premium listing segment of the Official List and to trading on the Main Market, and the commencement of unconditional dealings is expected to take place at 8.00am on 2 March 2015 under the ticker WIZZ.

József Váradi, Chief Executive Officer of Wizz Air, said: "We are delighted to announce the successful completion of our initial public offering on the London Stock Exchange, one that is a natural home for innovative, growing airlines. The response to the offering and our investment case has been extremely positive.”

J.P. Morgan Cazenove is acting as Sponsor. JPM, Citi and Barclays Bank PLC are acting as Joint Global Co-ordinators and Joint Bookrunners. Nomura International plc is acting as Co-Lead Manager. FTI Consulting was financial PR adviser.