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Icelandic Airline Play Jumps 44% In Stock Debut

Published on Jul 12 2021 11:48 AM in General Industry tagged: Play

Icelandic Airline Play Jumps 44% In Stock Debut

Icelandic airline Play jumped 44% in its stock debut on the Icelandic First North exchange.

Founded by former executives from collapsed airline WOW, Play is the Nordic region's latest newcomer betting on cheap planes and pent-up travel demand as COVID-19 restrictions are eased.

Shares in the Icelandic budget carrier, which priced its initial public offering at 18 Icelandic crowns ($0.15) per share, rose to 26 crowns per share in early trading.

Demand Greater Than Supply

Play said that demand for the shares offered has been eight times supply.

"Our staff has worked wonders and we are well prepared to maximise the opportunities post-COVID. I think we can be allowed a little optimism now that we can start rebuilding Iceland's aviation and tourism sectors," CEO Birgir Jonsson said in a statement.

Play plans to fly Airbus A321neo aircraft on lease on a flexible contract with AerCap, between Europe and North America, stopping in Iceland.

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.

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