BERLIN, May 5 (UPI) -- German low-cost carrier Air Berlin is delaying its initial public offering because of poor investor interest.
Germany's second-largest airline had initially planned to start trading its stocks Friday on the Frankfurt stock market, but will now delay the process until May 11, the company said.
Experts say the shares' high price (one share costs between $19 and $22) is putting off banks and investment institutions. Several small investors have signed up for shares, the Berliner Zeitung newspaper said Friday.
Air Berlin, Germany's largest budget airline, had expected to earn between $700 million and $1.1 billion through the move.
The carrier has seen its sales rise 17 percent to $1.5 billion, and passenger numbers climbed 12.5 percent to 13.5 million in 2005, according to company figures.
Air Berlin wants to expand into Europe, and plans to double its current fleet of 59 planes with the purchase of 60 more Airbus models.
