Wizz Air, which claims to be the largest low-cost carrier in Central and Eastern Europe, launched its initial public offering (IPO) at a offer price of £11.50 ($17.76), giving the company a fully diluted equity value of €1.46 billion ($2.25 billion) on its February 25 admission to the London Stock Exchange. The IPO raised £257 million ($397 million), which is more than £150 million ($232 million) target set by the Hungary-based airline earlier this month.

The move was Wizz Air’s second attempt at an IPO, after it initially abandoned a planned share flotation in June 2014, when it said that airline stock volatility had deterred investors. By the end of the first day’s limited trading Wizz Air’s stock price closed at £12.50 ($19.31).

The operator plans to use the fresh capital raised to strengthen its cash position, and so gain access to lower cost finance. Its ambitious business plan calls for a 15 percent growth rate each year, with the company expecting to increase its fleet of Airbus A320 aircraft from 54 to 85 by the end of 2014. This year it will start taking delivery of 26 larger A321 jets that it has on order.

At the end of the first half of its current financial year (September 30, 2014), Wizz Air claimed a 37.7 percent share of the low-cost market in Central and Eastern Europe, carrying 8.8 million passengers---compared to 13.9 million passengers for the whole of the previous financial year. Over the same period, it achieved a 23.5 percent increase in revenues to €727.3 million ($823.9 million), while boost net profits by 44.5 percent to €158.1 million ($179.1 million).

The carrier has declared its intention to directly challenge more established budget airlines, such as Ryanair. Its network spans 37 countries, with 18 bases in 10 countries, and flights to 106 destinations on more than 350 routes.