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Finance

AirBaltic IPO could be pushed back to early 2026, CEO says

Published by Global Banking and Finance Review

Posted on January 25, 2025

Featured image for article about Finance

By Joanna Plucinska

DUBLIN (Reuters) -AirBaltic's initial public offering (IPO) could be pushed back to early 2026, the Latvian airline's chief executive said on Monday, adding that ongoing issues with engine deliveries were hampering the airline's growth prospects.

The airline, whose IPO was initially planned for last year, said this month that it would have to cancel a number of summer flight routes as a result of delays on engine deliveries.

"They just really don't get it," CEO Martin Gauss told Reuters on the sidelines of an aviation finance conference in Dublin, referring to RTX-owned engine manufacturer Pratt and Whitney.

Pratt and Whitney did not immediately respond to a Reuters request for comment.

Gauss added that, with delays set to continue for at least three years to come, talks with the engine maker were ongoing to address compensation to the airline for the delays.

He said pressure from bodies like trade group IATA on the engine makers was helping to show that "there is an industry-wide issue", adding that there was a greater need for transparency given the ongoing challenges.

Gauss said the airline was still looking for a pre-IPO strategic investor.

"Currently, we're talking to one pre-IPO investor, but we are able to open it in the future to other investors," Gauss said.

Reuters reported last year that Lufthansa was interested in a strategic stake in AirBaltic.

(Reporting by Joanna Plucinska and Conor HumphriesEditing by David Goodman and Emelia Sithole-Matarise)