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Med-View Airline, a leading Nigerian carrier, has listed its shares by introduction on the Nigerian Stock Exchange on Tuesday. The airline said the share listing allows it to access long-term capital from both local and international investors, improve corporate governance and accountability, boost the company’s brand image, among other things, according to a presentation posted on the NSE’s website.

Med-View Airline listed 9.75 billion ordinary shares of 50 kobo each at 1.50 per share by way of introduction. The company has a market capitalization of N14.63 billion. Listing by way of introduction allows Med-View Airline’s shares to be available initially at the secondary market window. The company is expected to hold initial public offering (IPO) later this year.

In his welcome remarks, Oscar Onyema, the CEO of NSE, commended Med-View Airline for taking the bold step to list on the exchange despite the challenging environment in the aviation industry globally.

“We are particularly pleased that Med-View Airline has taken this strategic step to join the prestigious club of quoted companies in Nigeria,” Onyema said. “It further reaffirms our belief that in spite of several policy and economic challenges facing the nation, our platform remains one of the best avenues for raising capital and enabling sustainable growth for national development.”

Founded in 2007 as a charter airline for Hajj operations, Med-View Airline operates flight services to eight domestic destinations and five international destinations, including London via the Gatwick Airport. The airline has airlifted over three million passengers since inception and has five aircrafts in its fleet. The airline also said it has been granted approval to fly to 14 destinations including Singapore, Dubai, Johannesburg, Tel-Aviv, and Lisbon.

Med-View Airline said its revenue rose by 83 percent to N25.85 billion in 2016 from N14.16 billion a year earlier. The airline said after-tax profit rose by 14 percent to N949 million from N830 million in the previous year. As at 2.13pm on Wednesday, Med-View Airline stock traded at N1.57 per share, up 4.6 percent from the previous day’s close.