Flybe will expand its UK routes and bases within one to two years if it gets the go-ahead to raise £150 million.
The money will come from a new share issue of over 140 million shares at an offer price of 110p per share.
Flybe will shortly publish a prospectus and will hold a general meeting to approve the move.
If approved, the share issue will commence on March 12.
Flybe said the share issue will also be used to improve customer service, product range, brand impact and expand its white-label flying operations.
Flybe chief executive Saad Hammad described the plans as "exciting".
He said: "We have made significant progress over the past year in stabilising, restructuring and reconfiguring the group."
