newstodate.aero

Sep 26, 2023 (newstodate): The first step has now been taken towards in the process for an IPO of the Latvian carrier airBaltic in 2024, earlier slated for 2023 already.
   airBaltic has thus selected STJ Advisors and Superia as its joint independent financial advisors for the planned initial public offering of the company’s shares, today held 91 percent by the Latvian state, with Aircraft Leasing 1 SIA owned by Danish investor Lars Thuesen holding nine percent of the stakes.
   The role of the financial advisors involves independently reviewing, advising on and supervising the entire IPO process and its management, alongside guiding and supporting all stakeholders to achieve the best possible outcome.
   The financial advisors will also lead airBaltic on the selection of the financial institutions, eventually overseeing the actual sales of the shares on the stock exchange.
   Establishing airBaltic as a fully privately-owned company will free the state from its ownership in a commercial business, and secure the full recovery of its liabilities in the airline totaling 340 mio euro, which is an obligation from the EU Commission's accept of state interventions in airBaltic in 2023 and 2021 to support its operations during the Covid-19 period.
   Hopes are that the sale of shares on the exchange will also produce a surplus to be invested in airBaltic's future plans for development under a new business strategy to be formulated after the IPO.
   A new strategy might see airBaltic developing plans for a new network with Transatlantic flights and orders for new aircraft with long-range capabilities.