Norwegian startup airline Flyr has raised $70 in an initial public offering (IPO) in Norway. The shares of the startup rose 28% after the IPO.

The startup carrier, who will compete with Norwegian Air and SAS, is looking to buy or lease a small fleet, recruit staff and prepare for the airline industry recovery. Flyr is positioning itself as a kind of a post-COVID airline, without any earlier legacy and infrastructure. The founder is a well-known Norwegian aviation insider Erik Braathens, and the CEO is Tonje Wikstroem Frislid, a former Norwegian Air executive.

“This will enable us to pursue opportunities in a changing market and a recovering airline industry,” said Tonje Wikstroem Frislid following the IPO.

The carrier plans to have its maiden flight in mid-2021 as it expects the rise in travel demand by then. Its service will cover domestic Norwegian routes and trips to major European destinations.

“Flyr was created for the Norwegian market after the corona pandemic. Norway is an elongated country with fjords and mountains which means that we need to fly in the years ahead, but probably a little less than we have done before,” Flyr’s website says. “Therefore, we build an airline from scratch, based on many years of experience, with a size, organization, and business model that is adapted to this future.”