Abu Dhabi’s Etihad Airways aims to announce IPO this week
Last week, Etihad Airways reported a net profit that more than tripled last year to $476m
Abu Dhabi’s Etihad Airways aims to announce the launch of a $1bn initial public offering this week, two sources told Reuters, in what would be the first IPO of a major Gulf airline in nearly two decades.
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The airline plans to offer 20 per cent of the business by selling new shares to fund its growth ambitions, said the sources, declining to be named as the matter was not public.
Etihad, which is owned by Abu Dhabi’s $225bn wealth fund ADQ, did not immediately respond to a request for comment. ADQ declined to comment.
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The IPO comprises 2.7 billion in primary shares, the sources said, in which proceeds go back to the company rather than the main shareholder.
Last week, Etihad Airways reported a net profit that more than tripled last year to $476m. Its earnings were boosted by $5.7bn in passenger revenue and $1.1bn in cargo revenue due to ‘significant operational efficiency improvements’.
