IPO for Flybe

Flybe, as predicted by AERBT, is planning an initial public offering (IPO) in December that would value Europe's largest regional carrier at about £240m.  Half of the proceeds will be used to fund the expansion of its fleet and the other half to strengthen its cash position to allow it to pursue other growth opportunities, such as acquisitions.  British Airways, which owns 15% of Flybe, said it planned to subscribe for enough shares in the offer to maintain the size of its holding.

The airline, which carried more than 7m passengers last year, recently struck code-share deals with Air France on some European routes and Finnair on Scandinavian and Baltic co-operation.

As at 30 September 2010, Flybe employed 2,931 people, operated 215 routes from 73 airports across Europe.  Its aircraft fleet consisted of 14 Embraer E195 and 54 Bombardier Q400 aircraft.  From June next year the airline will be taking delivery of 35 88-seat Embraer E175 regional jets at a rate of approximately one per month. www.flybe.com

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