airBaltic starts process of evaluating taking its shares public

An airBaltic aircraft on the tarmac.
Photo Credit: airBaltic

airBaltic, the Latvian airline, has announced that it’s starting the process of evaluating taking their shares public.

In selecting a board of joint independent financial advisors in STJ Advisors and Superia, it’s taking the first steps towards looking at an IPO.

airBaltic’s IPO options

Martin Gauss, President and CEO of airBaltic sais: “Assessing the potential road to IPO and taking into account both the cooperation offer and experience in the region, we are delighted to select STJ Advisors and Superia as our independent IPO advisors.”

“The potential listing on the stock exchange is a significant step in the process of achieving a new level in airBaltic’s development. We are determined to deliver even more excellence and further strengthen airBaltic as the leading airline and brand of the Baltics.”

An airBaltic Airbus A220 on the taxiway.
Photo Credit: airBaltic

STJ Advisors is the leading independent Equity Capital Markets advisory firm with professionals based in all major world markets. STJ professionals have a track record of advising on more than 400 transactions worldwide, raising over €500 billion.


Leading further on their experience STJ Advisors provides independent and specialist advice to shareholders and management teams to enhance positioning, optimize valuation and achieve successful results in ECM transactions for all stakeholders.

Superia is the leading Baltic dedicated financial advisory services firm with offices in Riga, Tallinn, and Vilnius. Both companies will lead the board that will be helping as airBaltic starts the process of evaluating taking it’s shares public.

Fleet expansions

After a busy summer airBaltic have recently received their 43rd Airbus A220-300 aircraft. Their highest ever half year earnings were announced in July and predictions for a strong future will potentially interest investors.

During the first six months of this year, the carrier handled close to 2 million passengers, which is 52% more than the same period last year.

With current orders for 50 aircraft, all A220-300’s, and options for a further 30. As airBaltic starts the process of evaluating taking its shares public, it’s very clear that expansion is on the cards in the near future.

Martin Gauss commented on airBaltic’s positive outlook in July this year: “The first half of 2023 has surpassed our expectations, driving airBaltic towards strong commercial performance.”

“We have been recording a strong summer season so far, with each passing month showcasing improvements with an upward trend,” he said.

Continuing year on year growth

“In comparison to the first six months of 2022, we see significant growth in preliminary revenues, as well as passenger numbers and performed flights.”

Looking ahead, our target and ambition remains to achieve EUR 700 million in revenue and a substantial increase in passenger numbers – 4.4 million by the end of 2023.”

“Furthermore, our primary focus for the future remains to be the leading connectivity provider to and from the home cities of Riga, Tallinn, Vilnius, and Tampere.”

“Here airBaltic has strengthened its positions and is committed to enhancing passenger experience and making a significant contribution to the economy,” The full report is available here.

About airBaltic

airBaltic operates more than 100 routes from Riga, Tallinn, Vilnius and Tampere, offering connections to a wide range of destinations in the airline’s route network in Europe, the Middle East, North Africa and Caucasus region.

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By Alex Barrett 4 Min Read
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