Icelandic carrier Play Airlines will take a more conservative approach to growth plans this year, not adding any new aircraft while bolstering liquidity.
To that end the carrier has engaged Arctica Finance to start preparations to uplist its shares from the First North Market to the Nasdaq Main Market in Iceland, which is expected to take place in the first half of 2024.

Fossar Investment Bank and Greenhill (Mizuho) are acting as joint bookrunners. The proposed share capital increase could amount to up to ISK4 billion ($28 million), Play estimated.

Update: April 2024 Icelandic carrier Play Airlines has secured ISK4.6 billion ($32.6 million) in capital for future growth following its most recent fundraising round, according to a regulatory filing.

The carrier received subscription commitments from existing shareholders and other investors for one billion shares at a subscription rate of ISK4.5 per share.

In a public offering this week, just over 111 million shares at a nominal subscription rate of ISK4.5 per share, resulting in proceeds of ISK500 million, were offered as priority to existing shareholders to preserve shareholder equality.

Further subscription commitments in the amount of around ISK105 million were accepted.

This follows share subscription commitments in the amount of ISK1.4 billion, in addition to subscription commitments in the amount of approximately ISK2.6 billion conducted in February.

The offering is managed by Arctica Finance as lead financial adviser, overseeing the issue and listing of the new shares and handling the settlement of the offering. Arctica Finance and Fossar Investment Bank are acting as joint bookrunners in the offering.