Philippines AirAsia to raise US$250mil via IPO

Cabin crew of AirAsia Philippines pose for photos next to an Airbus A320 at the former US military Clark air base in Angeles City, Pampanga province, north of Manila. - AFP filepic

MANILA: The Philippines unit of AirAsia Bhd is seeking to raise up to US$250mil (RM1.05bil) via an initial public offering (IPO) in mid-2018 to fund its expansion programme, its chief executive said.

Asia’s biggest low-cost airline, which has nine units in the region, is beefing up its fleet in the Philippines amid an expected long-term boom in budget air travel. AirAsia first raised the prospect of listing its Philippines unit in 2015, planning at that point to take the airline public as early as this year.“We are working on the IPO, hopefully in the middle part of next year,” Philippines AirAsia CEO Dexter Comendador told Reuters.