FLYBE WAS READY TO FLOAT on the London Stock Exchange as BBT went to press. The regional airline was to launch an initial public offering (IPO) with a base of about £60 million of new shares. Chairman and chief executive Jim French said the listing was the next stage in the company's growth strategy.
Flybe said it planned to use 50 per cent of the proceeds to fund its fleet expansion - it has already placed orders for up to 140 Embraer E175 jets.
The other half would strengthen the company's liquidity, helping it to pursue growth opportunities such as codeshares and tie-ups with other airlines.
Flybe signed a codeshare with Air France in July and has plans for similar deals, with Finnair touted as a future partner.
French said: "The company has come a long way in a short time, from its origins as a provincial carrier to one of Europe's leading regional airlines.
"We look forward to welcoming new shareholders on board for the next leg of our journey."
According to Flybe, British Airways has said it will buy enough shares to maintain its existing 15 per cent stake in the company.
Willie Walsh, BA's chief executive, said: "Since our divestment of BA Connect to Flybe in March 2007, we have been impressed with the achievements of Flybe and its management team.
"We are committed to supporting Flybe in its listing and capital raising, and wish Jim and the team every success as a public company."