MAXjet looks for £100m flotation
May 9, 2007All-business class airline MAXjet is looking to float on the London stock market in order to fund plans for expansion and to pay off debts.
It is expected that the company will be valued at about £100 million when it floats on the Alternative Investment Market (AIM). The money raised will be used to expand the airline's network to include further US cities and other destinations.
At the present time, MAXjet flies from its Stansted base to US locations including New York and Las Vegas, and the airline this week announced that it would begin flying to Los Angeles four times a week in August. Fares for this service begin at £349 one-way, excluding taxes.
The newly-brokered Open Skies deal between the US and the EU, which has liberalised the transatlantic aviation market, will allow for further routes.
Airline chief executive Bill Stockbridge commented in a statement seen by Thomson Financial: "The signing of an Open Skies agreement between the United States and the European Union on 30 April 2007 provides exciting growth opportunities.
"We intend to first add additional US cities from London and then expand to other routes."
In April last year, rival transatlantic business class-only airline Silverjet also announced its intention to float on the AIM.
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