Aer Lingus to float
August 24, 2006Aer Lingus is set to enter a new phase of development with a flotation.
The Irish national carrier is looking to raise between £270 million and £340 million in its initial public offering, The Guardian reports today. Around 60 per cent of the company will be sold, with the Irish government retaining a significant stake.
In recent years Aer Lingus has been repositioning itself as a low-cost airline to challenge the likes of Ryanair, Ireland's largest carrier.
The airline is also planning to extend its routes and could soon offer flights from Dublin to new Far East destinations. It is expected that the company's expansion will focus primarily on Dublin Airport, from where it could begin flying to Hong Kong and Shanghai.
It already flies several long-haul routes from the Irish capital, including New York and Dubai and carries some 1.2 million passengers across the Atlantic each year.
Aer Lingus recently announced that it would leave the oneworld airline alliance because membership in the group did not tally with its wish to become a low-cost airline.
© Adfero Ltd
