LONDON (Brand Republic) - Budget airline EasyJet is set to float on the London Stock Exchange in November.
The company has confirmed its flotation plans, which will involve selling 63m ordinary shares to institutional investors.
EasyJet is not selling shares to the public in an effort to avoid 鈥渢he reported Lastminute.com experience鈥 of massive over-subscription. Retail investors, however, will be able to buy shares once unconditional dealing begins on November 22.
Shares will be priced and allocated on November 14. Around 12% of the stock has been earmarked for staff and management.
Analysts estimate that the offering will value the company at £600m, and the money raised from the flotation will finance 32 new 737-700 passenger jets, which the company has on order.
The company reported an unaudited pre-tax profit of £22m on a turnover of £263m for the financial year ended 30 September 2000. The airline carried 5.6m passengers during the year.