CMS advises on the IPO of Enter Air

CMS has advised on the IPO of Enter Air – the largest charter airline in Poland and one of the largest in the region. CMS was an adviser to IPOPEMA Securities, the offering agent and the bookrunner, and Bank Zachodni WBK, the manager of the offering. This is the third debut on the Warsaw Stock Exchange this quarter in which CMS was involved, joined in September by three new lawyers specialising in capital markets.

Charter airline Enter Air debuted on the Warsaw Stock Exchange in Warsaw on 14 December this year. The value of funds raised through the IPO amounted to nearly PLN 100 million, to be used to refresh and expand the air carrier fleet with 6 new aircraft. The Company issued 7 million new shares at PLN 14 per share.

Enter Air’s offering was addressed to individual investors, authorised entities i.e. the company’s employees and associates, and institutional investors. Approx. 1.5% of issued shares were allocated for individual investors and authorised entities, while the remaining shares were allocated to institutional investors.

"We are proud that we could support Enter Air – the first Polish airline that is consistently profitable, in its IPO. We have known Enter Air Group for five years and we are very impressed with its development, which is dynamic, but at the same time conscious and responsible. Today’s debut shows that well-managed and profitable companies, who have ambitious expansion plans, can count on the interest of stock market investors – says Michał Pawłowski, a partner at CMS, head of the capital markets practice in the firm's Warsaw office.

The IPO of Enter Air was prepared by a CMS team composed of: Michał Pawłowski, partner and head of the team, Rafał Woźniak, Of Counsel, and Magdalena Trzepizur, associate, specialising in capital markets law.