Shanghai-based Spring Airlines plans to circulate up to 91.5122 million shares of its stock at 43.71 yuan ($6.55) per share, to no more than 10 specified investors.

The share issue is to raise 4 billion yuan towards the purchase of 10 Airbus A320s and one A320 simulator. According to Spring, the overall deal is worth 6.488 billion yuan.

Spring estimates the new A320s will boost the carrier’s operating revenue by about 1.5 billion yuan per year, and the simulator will save Spring about 8 million yuan in annual operating costs.

Spring plans to expand its fleet to 100 aircraft by 2018 to meet growing market demand. The airline operates 61 Airbus A320-family aircraft, and is scheduled to take delivery of more than 10 aircraft in 2017–18.