Soaring investor demand enabled Iceland's Glitnir to complete the inital public offering of national air carrier Icelandair, less than a month after the bank advised on Icelandic retail investment group Baugur's £351.4m (€518.5m) takeover of UK peer House of Fraser.

Demand for Icelandair shares outstripped supply by two times for the overall offering, with demand for the institutional tranched of the deal exceeding available stock by a factor of almost three.