AirAsia X plans fleet, route expansion with $522m IPO
KUALA LUMPUR, (AFP) - Malaysian long-haul carrier AirAsia X said on Monday it plans use cash from a public listing worth up to US$418 million (S$522 million) to more than triple its Airbus fleet and expand routes to meet demand in Asia-Pacific.
The budget carrier founded by aviation tycoon Tony Fernandes hopes to raise the proceeds in an initial public offering (IPO) ahead of its July 10 debut on the Malaysian bourse.
"The estimated amount based on the 1.45 ringgit (S$0.57) per issue share is between 1.1 billion ringgit and 1.3 billion ringgit," Nazir Razak, head of banking group CIMB which is running the IPO, told reporters after the prospectus launch.
Analysts have said with last month's general election over, investors are looking for a wide range of stocks in Southeast Asia's third largest economy, sparking a fundraising fever in Malaysia.