In the first half hour of the trade, value of each share increases by 42 penny.
The company floated 52,263,615 ordinary shares, including 23,360,008 offered shares, Wizz Air said in an announcement on the bourse’s website. The latter comprised 9,578,820 newly issued shares and 13,781,188 shares offered by existing shareholders.
Wizz Air estimated proceeds, based on an offer price of £11.50, coming to £103 mln (€140 mln) for the newly issued shares and to £154 mln (€210 mln) for shares sold by existing shareholders.
Based on the ordinary shares alone, Wizz Air put its market capitalisation at GBP 601 mln (€818 mln).
These convertible shares and notes would account for 58.3% of share capital after admission, with the ordinary shares making up 41.7%, Wizz Air said.
Free float is expected to reach more than 71.7%, if an over-allotment option is not exercised, and 78.4% if it is.
It noted, however, the existence of 48,830,503 non-voting convertible shares, convertible notes held by investor Indigo, and up to 1,153,946 shares that may be issued if outstanding vested options under the company’s existing employee share option plan are exercised. These factors bring fully diluted share capital to 126,611,002, raising Wizz Air’s equity value at admission to £1.456 bln (€1.983 bln).Wizz Air said in the beginning of February that it was planning an initial public offering (IPO) on the London Stock Exchange, and expected to raise about €150 mln from the share offering.
Wizz Air reported in May 2014 that while in search of better financial opportunities, the company decided to list shares on the London Stock Exchange, however the company was not in need of external financing. Almost a month later, the company announced that it would cancel the IPO due to volatility on the market.
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