South Africa's second largest low-cost airline, 1time, is set to list on Johannesburg's smaller bourse AltX.
1time said it would list on AltX, operated by the Johannesburg Securities Exchange, on Aug 14 and would offer 30 million ordinary shares at an issue price of 100 cents per ordinary share, raising 30 million rand.
1time's main rivals in the domestic market are Comair -- which is listed on the main bourse with a market capitalisation of 1.2 billion rand - and government-owned airliner SAA, which has a new low-cost airline Mango.
1time Marketing Director Rodney James said Mango's impact on 1time had not been as onerous: "We have had steady growth since Mango's launch and are expecting 25 percent growth in passengers this year."
1time said South Africa's aviation industry was forecast to transport about 12.5 million domestic passengers in 2007.
"The domestic market has grown by approximately 14 percent per annum over the last three years whilst achieving a growth rate of 70 percent over the past five years," 1time said in a statement.
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