Ryanair targets 400 million euros in share placement

DUBLIN, Sept 3 (Reuters) - Ryanair launched on Thursday a share placement, aiming to raise 400 million euros ($473 million) to help it take advantage of lower costs following the COVID-19 pandemic to expand its fleet and other initiatives.

The Irish airline, Europe’s largest low-cost carrier, said the equity raise, via a “non-pre-emptive placing of new ordinary shares ... to institutional investors and certain others” would begin immediately via an accelerated bookbuild.

Irish stockbroker Davy is the sole bookrunner, it said.

The COVID-19 pandemic is likely to “create opportunities for Ryanair to grow its network, and expand its fleet, to take advantage of lower airport and aircraft cost opportunities that are likely to arise,” it said in a statement. ($1 = 0.8455 euros) (Reporting by Conor Humphries; Editing by Susan Fenton)