AirAsia PH plans IPO by mid-2018
Philippines Air Asia is looking to embark on an initial public offering of its shares by the middle of next year to bankroll its aggressive expansion.
Capt. Dexter Comendador, CEO of AirAsia Philippines, said the budget airline has tapped BDO Capital & Investment Corp. InvesInvestmen) as lead undewriter for its maiden share sale which is estimated to raise about $250 million.
Proceeds from the IPO will be used to acquire new aircraft, build a new hangar and headquarters in Clark.
Comendador expects Air Asia to have a total of 26 planes by 2018.
Air Asia currently has a fleet of 17 aircraft with domestic and international flights out of hubs in Manila, Cebu and Kalibo.
The budget airline is set to commence service to Saigon from Manila next month.
It will fly to Incheon from Clark beginning January or February next year. Plans are also underway to fly to China, Taipei, Kuala Lumpur from Clark.
PH AirAsia is 60 percent owned by a Filipino group comprising businessmen Alfredo Yao, Antonio Cojuangco and Michael Romero. The remaining 40 percent is held by Malaysia’s Air Asia, through AA International.