The cash will come from a mix of perpetual bonds and equity, with the new shares sold at only 6.26 crowns each, a steep discount to the 55.25 crowns it trades at in Oslo.
The airline said it expects total liabilities to be around 16 billion to 18 billion Norwegian crowns, of which about a third is aircraft-related debt, after the process is completed.
The all-share index, which rose 50% in 2020, shed 3.04% this week, the most since July 2013. Stocks dropped to 40,439.85 points on Friday, down 1.4% at a one-month low following eight days of losses.
At an open market Treasury auction on Thursday, investors sought one-year yields as high as 13%.