Budapest (MTI) – Trade in shares of Hungarian low-fare airline Wizz Air started on the London Stock Exchange on Wednesday.
The shares started at 12.00 pounds, but rose 42 penny in the first half hour of trade.
Wizz Air CEO Jozsef Varadi opened the day’s trading at a celebratory event and told MTI that Wizz Air is the first Hungarian company to be floated in London.
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 pounds, coming to 103 million pounds (EUR 140m) for the newly issued shares and to 154 million pounds (EUR 210m) for shares sold by existing shareholders.
Based on the ordinary shares alone, Wizz Air put its market capitalisation at 601 million pounds (EUR 818m).