Enter Air suspends bourse listing plans

The company had wanted to obtain PLN 110 million (about USD 29 million) that would have been earmarked for the airline's fleet renewal plans, most of it going on the purchase of two B737-800s and two B737 MAX 8s ordered from Boeing at the Paris Airshow 2015.

The company said its suspended WSE listing would not halt these plans, but didn't identify alternative sources of capital.

"The fluctuations on global financial markets caused by the situation in Greece have significantly weakened sentiment for equity investments. We didn’t want to place the offer at any price, hence the decision to suspend it,” Grzegorz Polaniecki, the general director of Enter Air, said.

“We will observe the market situation and do not rule out a public offer,” he added, with Reuters reporting the company could return to the market in the autumn.

Enter Air announced in late June that it would go ahead with the public listing after the financial regulator KNF gave the go-ahead.

The carrier specialises in charter flights between Poland and the Mediterranean

Enter Air said in its prospectus it planned to raise up to PLN 110 million through the sale of 7 million newly issued shares, or up to 39.9% of increased share capital. Of the new shares, 1 million were to have been reserved for individual investors and up to 5.9 million for institutional investors.

Enter Air is majority owned by director of flight operations Marcin Kubrak with 65%, followed by Polaniecki with 22%. The remaining 13% is held by various other board members.

The IPO was to have been co-managed by Ipopema brokerage and BZ WBK. (jh)