Greenwich Kahala Aviation is to raise nearly $207m with an initial public offering (IPO) in order to finance aircraft purchases.

The company said it will use the money to buy airplanes, mainly narrowbody and smaller planes that are used by airlines, as well as aircraft that are five years old, and lease them.

The firm also plans to buy two Boeing 737s on 15 March with the proceeds from the IPO.

The company also said it may invest 15% of its assets in aircraft-backed debt.

Greenwich Kahala currently owns a single Boeing 757, purchased in October for $8.8m and leased out to an airline, according to Businessweek.

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