Wizz Air flies lower as Indigo Partners offloads stake

Wizz Air flew lower on Thursday after Phoenix-based Indigo Partners sold its entire 18.7% stake in the budget carrier through an accelerated bookbuild to institutional investors.

Indigo placed 10.7m shares at 2,320p each, raising gross proceeds of around £249m. Following completion of the placing, it holds 44.8m convertible shares and convertible loans notes in Wizz, which if exercised in full would represent another 24.2m shares.

JP Morgan Cazenove, Barclays Bank, Citigroup and Goodbody Stockbrokers acted as joint bookrunners in connection with the placing.

At 0911 BST, the shares were down 4% to 2,327p.