Enter Air plans to issue new shares to finance two B737 MAX

Enter Air, a Warsaw Stock Exchange listed airline in Poland, plans to issue additional shares to raise capital to finance two new B737 MAX 8s delivering in 4Q 2018.

The carrier plans to raise approx. 60 million Zloty (US$17.5 million), according to CEO Gregory Polaniecki, who expects the funds to allow the company to significantly reduce the cost of financing new aircraft, which will positively impact its financial results in the coming years.

Preferential allotment will be provided to existing shareholders, allowing them to maintain existing interest as a shareholder, should they decide to participate in offer. Details of the offer will be included in the prospectus to be published, following regulatory approval.

Enter Air has been listed on Warsaw Stock Exchange for three years. The company conducted an IPO in late 2015, raising nearly 100 million zł. The funds raised were earmarked for PDPs on the six B737 MAX 8s it ordered -- all of which are delivering by 2020.