Start-up Flyr plans listing on Norwegian stock exchange

Norwegian start-up Flyr will apply for a listing on the Oslo stock exchange’s Euronext Growth market as it seeks to raise NKr600m ($70m) from private equity investors. The airline has already secured NKr165m from cornerstone investors, giving the airline an initial valuation of NKr750m. Investors already committing funds comprise Nordea Investment Management (NKr60m), Tycoon Industrier, a company controlled by Oystein Spetalen (NKr50m), Sissener (NKr30m); and Apollo Asset, a company controlled by Arne Fredly (NKr25m). The price per share in the private placement will be NKr5. In addition, the airline says it has received “significant indications” of interest from other investors. Founder and chairman Erik Braathen states: “The reception from the private investor community has been very positive. With a highly-experienced management team and no legacy debt, we are in a unique position to secure modern aircraft at a historic low cost.”<br/>