Regional Express (Rex), Australia’s largest independent regional airline, has closed its Initial Public Offer (IPO) over subscribed.
Managing Director, Geoff Breust, said the offer was more than two times oversubscribed and was delighted with the response from institutions and the public.
“It is a wonderful vote of confidence in the Company and its staff,” Mr Breust said.
“The allocation process has ensured that staff, frequent flyers and regional investors have received full allocations while other investors have been subject to significant scale-back.”
Share applicants will be advised of their allocations through the share registry manager Link Market Services (formerly ASX Perpetual).
“We are on track to list on the ASX next Wednesday 9 November.
The offer was managed and fully underwritten by Tricom Equities.
Rex (Regional Express Holdings Limited) operates 33 regional routes in south eastern Australia from Sydney, Melbourne and Adelaide and has a fleet of 29 aircraft. It recently acquired a fifty percent shareholding in Pel-Air a major overnight air freight and charter company based in Sydney.
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