TAIPEI (Taiwan News) — Taiwan's Starlux Airlines took flight on the stock market Friday (Oct. 25), with shares rising nearly 50% in early trading.

The airline's debut price was NT$20 per share, climbing to NT$29.95. Company management credited employees for their hard work and dedication in achieving a rapid listing, per CNA.

The carrier has been in operation for six years, with commercial flights starting over four years ago. The airline faced significant challenges due to the pandemic for two years.

Starlux Airlines broke the record for the most stock subscription applications in Taiwan, receiving over 1.6 million applications in three days. Its subscription process also saw the highest participation and total bid amount.

Companies often sell new shares to the public to raise money, especially when they are going public for the first time. This is called a stock subscription, public offering, or IPO (Initial Public Offering), according to Sinotrade.

To encourage more people to buy shares, the subscription price is usually set lower than the current market price. This pricing strategy, called underwriting, makes the shares more attractive to investors.

The listing of Starlux Airlines caused a ripple effect in the airline sector, raising the value of China Airlines and Eva Air. Foreign institutional investors have been actively purchasing shares in these airlines.

Tigerair Taiwan is set to present its pre-IPO earnings on Nov. 5. This will mark a significant milestone as all four major Taiwanese airlines will be listed on the stock exchange.