Central and eastern European low cost carrier Wizz Air has gained a market capitalisation of £601 million as it completed a listing on the London Stock Exchange.
The airline will receive £103 million as a result of the initial public offering. Dealings in the airline’s shares are due to start on March 2 after it confirmed an offer price of £11.50 per share.
Chief excecutive József Váradi 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.”
He added: “We believe that Wizz Air represents an attractive opportunity reflecting the compelling growth dynamics in the central and eastern European air travel markets where a combination of deregulation, above average GDP growth, a growing middle class in an area with a large population is expected to drive higher propensity to air travel and higher low-cost carrier penetration.
“We have always believed that good customer service and low ticket prices are entirely compatible – in fact it has been a key success factor.
“This reflects the hard work, professionalism and enthusiasm of our staff and I thank them for valuable contribution they have made and will continue to make to the business.
“Wizz Air looks forward to life as a listed company and continuing its track record of long term value creation for its shareholders.”