Flybe is raising up to £66 million through a listing on the London stock exchange with half going towards possible acquisitions.

Details of the regional carrier initial public offering (IPO) emerged today with a price of 295p per share.

Flybe is selling 24.4 million shares in the offering, representing around 28% of the company, valuing the airline at £215 million.

The carrier plans to use half the funds from the share sale to fund fleet expansion and the remainder to strengthen its cash position to allow it pursue other growth opportunities, such as acquisitions.

“Flybe intends to use approximately 50% of the net proceeds from the offer to provide it with capital to assist in funding its aircraft fleet expansion programme, and approximately 50% of the net proceeds to further strengthen its cash position, providing strategic flexibility to pursue additional growth opportunities (such as the expansion of code-share arrangements, strategic arrangements with other European airlines and targeted acquisitions) should such opportunities present themselves,” a statement said.