Wizz Air Returns With IPO Plan as Lower Oil Boosts Prospects - Bloomberg Business

Wizz Air Returns With IPO Plan as Lower Oil Boosts Prospects - Bloomberg Business:



"Wizz Air Ltd., eastern Europe’s biggest budget carrier, said it will pursue an initial public offering in London spurred by cheap oil and a more upbeat outlook, seven months after scrapping initial plans for a sale.



Wizz aims to list in early March and raise 150 million euros ($172 million), or 75 percent of last year’s target. Proceeds from the sale on the main market of the London Stock Exchange will strengthen the balance sheet and offer “strategic flexibility,” the Vecses, Hungary-based carrier said.



Wizz pulled the earlier IPO plan last June after Deutsche Lufthansa AG and Aer Lingus Group Plc cut earnings guidance and tension in the Middle East pushed up fuel prices. The backdrop is now more favorable, Chief Executive Officer Jozsef Varadi said, with a plunge in the cost of kerosene and strong results from discount peers EasyJet Plc and Ryanair Holdings Plc,"



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