Recently-launched Icelandic low-cost startup airline PLAY has reached another milestone in its young history. Earlier this morning, the carrier was listed on the Nasdaq First North Growth Market, and it celebrated by ringing a bell 12,000 feet over Iceland’s lava fields.
On the market
As of 09:30 local time this morning, Iceland’s newest airline has begun trading shares on the Nasdaq First North Growth Market. This is an important financial milestone for the low-cost startup, which has had a busy first few weeks of operations.
PLAY’s stock market listing follows the airline’s hugely successful share offering last month. Despite subscriptions only being open for 30 hours, the carrier experienced an eightfold demand compared to the number of shares available.
GlobeNewswire reports that PLAY received some 4,600 subscriptions for its share offering. These had a total value worth $274 million. In a statement, the airline said that it is “thrilled with the figurative tailwind, something every airline hopes for.”
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A typically Icelandic setting
With its smart-casual uniforms and bright red aircraft, PLAY has already established itself as a particularly vibrant airline. As such, it was no surprise to learn that the carrier marked its stock market listing in an unconventional and celebratory manner.
It did so by ringing a bell while flying 12,000 feet over Iceland’s characteristic terrain. Nasdaq Iceland CEO Magnus Hardarson was onboard, as well as PLAY CEO Birgir Jónsson. Interestingly, this may have been Jónsson’s first flight with PLAY. He recently revealed in an exclusive interview with Simple Flying that he’d “been onboard but only on the ground.”
In any case, the flight over the glaciers and lava fields of the Icelandic highlands was a very special one, with Jónsson stating that :
“After a successful IPO, our inaugural flight, and now the trading of our shares, these past few weeks will be remembered for a long time here at PLAY. Our staff has worked wonders and we are well prepared to maximize 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.”
What do you make of PLAY’s stock market listing? Have you flown with the airline since it commenced operations last month? Let us know your thoughts and experiences in the comments.