SkyEurope's maiden flight

Shares in Slovakia-based budget airline SkyEurope opened at e6 (zl.23.4) in its e78 (zł.305) million flotation on the Vienna Stock Exchange. Shares in the four year-old company will go on sale on the WSE on September 27.

In the Vienna offer, SkyEurope put up 11.8 million shares in a range of R5-10 (zł.20-39) in its subscription period. Of those shares, 10 million are from a capital increase, while its current shareholders are selling 1.8 million. They may sell up to 1.18 million more if an over-allotment option is exercised.

SkyEurope's two founders owned 17 percent of the company prior to the IPO. A group led by the European Bank for Reconstruction and Development owns 43 percent, while Bank Austria-Creditanstalt holds 40 percent on behalf of institutional investors.

SkyEurope had an operating loss of around zł.86.4 million in the six months to March, on net operating revenues of zł.41 million. (Reuters)