Norse Atlantic Airways debuted on the low-threshold Euronext Growth exchange in Oslo on April 12, raising around NOK1.4 billion kroner (USD165 million) in the process, the exchange said in a statement.

Aiming to resurrect the low-cost intercontinental market between Europe and the United States with a fleet of fuel-efficient aircraft, the company recently raised NOK1.275 billion (USD150 million) through the issue of new shares, and an over-allotment option took the total proceeds in the Initial Public Offering (IPO) to NOK1.4 billion.

As planned, the new shares were sold at NOK20 (USD2.35) and the company’s market capitalisation was NOK1.475 billion (USD174 million) on the day of listing. Norse Atlantic Airways closed on April 13 at NOK21.35 (USD2.51) per share, the exchange’s live website showed.

The listing “is an important milestone in our pursuit of becoming a leader in the international low-cost, long-haul market,” Norse Atlantic founder and CEO Bjørn Tore Larsen proclaimed in the statement. “The global economy has been hit hard by the pandemic but a new era is coming. People will once again travel for business and pleasure.”

As previously reported, Norse Atlantic Airways signed contracts last month to lease six B787-9s and three B787-8s from AerCap with the target of launching its first flights in December.

IPO facilitator Pareto Securities was granted the over-allotment (greenshoe) option of 6.25 million shares, giving it the opportunity to sell more shares to investors than originally planned if interest proves to be high. These option shares were lent by Larsen and Norwegian (DY, Oslo Gardermoen) founder and prominent Norse investor Bjørn Kjos, the start-up said in an exchange filing on April 12, and they will be returned if demand is weak.