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Play Concludes Successful Share Offering With Eight-Fold Subscription

Play concluded a successful offer of 221,906,800 new shares on Friday, June 25, 2021. Approximately 4,600 subscriptions were received for ISK 33.8 billion (US $274 million) in two separate books.

Play Airlines Airbus A321neo - Courtesy Play Airlines

On Friday (June 25, 2021), Play announced the completion of a successful share offering of 221,906,800 shares of Fly Play hf. The offer included two separate books, A and B, which received a total of approximately 4,600 subscriptions, for a total of ISK 33.8 billion or (US $274 million). Book A subscriptions totaled ISK 6.7 billion (US $55 million) at a fixed rate of USK 18 per share, while Book B subscriptions totaled ISK 27.0 billion (US $220 million), with the final offer rate of ISK 20 per share.

In Friday’s announcement, Fly Play’ hf’s CEO, Birgir Jónsson, said,

This is a defining moment in PLAY‘s history with our inaugural flight yesterday which was a huge achievement by itself but also because today PLAY successfully concluded its IPO. Our staff has worked wonders over the past few days, and indeed weeks. We are well prepared to maximize the post-covid opportunity and we believe our investors have placed their trust in us as we have shown the resilience that is needed in this market. To add to the joy of today the Icelandic government finally declared Iceland free of any pandemic restrictions from midnight onwards. I think we can allow us some optimism now that we can start rebuilding Iceland’s tourism, and the world’s.”

The share offering was managed by Arctica Finance, as Lead Financial Advisor, and Arion banki as Joint-Financial Advisor. Play’s Board of Directors will now evaluate the subscriptions, with allocation results expected to be announced on June 28, 2021. Payments will be due by July 5th, with newly issued shares expected to be delivered on July 9, 2021. The trading of Play shares on Nasdaq First North is also expected to commence on July 9th. The company will announce the official start of trading at least one business day in advance.

Founded in 2019 by Arnar Magnússon, PLAY is a new low-cost carrier (LCC) which will operate flights between Iceland and Europe, as well as on trans-Atlantic long-haul routes. The airline launched their inaugural passenger revenue flight on Thursday, June 24, 2021, with service between Keflavík International Airport (KEF) in Iceland and London Stansted (STN).

Source: Play Airlines


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