Avion Group joins Iceland stock exchange
Iceland’s Avion Group Jan. 20 joined the Iceland Stock Exchange, offering about 261 million shares to institutional investors at a share price of ISK 38.3 (63 cents).
The share offer raised ISK 10 billion ($163 million), which Avion said was 16 times oversubscribed.
In June 2005, Avion expanded its business activities from its traditional passenger and cargo aircraft leasing, to include shipping and logistics with the ISK23 billion ($376 million) takeover of Reykjavik-based ocean carrier Eimskip from Burdaras.
“Institutional demand for the shares has been significant, showing that investors are confident in Avion’s strategy and vision and are willing to participate in its future,” said Magnus Thorsteinsson, Avion’s executive chairman.