Airy Berlin

26 April 2006 By Nina Koeppen

The lowcost carrier has made a loss for the last 2 years as competition stays cutthroat and fuel prices high. Not the best IPO backdrop. But sales are growing well as Air Berlin opens up new routes to Eastern Europe. At a 25% discount to Easyjet, the IPO should fly.

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Low cost carrier Air Berlin plans to float on the Frankfurt stock exchange on 4 May. A price range for the offering and the number of shares in issue will be published on 27 April.

Europe's third biggest low cost airline, which is privately owned, will also issue at least E350m in new shares to finance the acquisition of new aircraft among other things. The free float, following the capital hike, will be around 70%, according to people familiar with the situation.

Commerzbank and Morgan Stanley are joint global coordinators for the share issue.

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