The Philippine unit of Southeast Asia’s biggest budget airline is set to go public in the second half to finance a major refleeting program.
“We are working on it [initial public offering]. We are still talking with the banks. Our target this year, we want it to happen by second half of the year,” Philippines AirAsia chief executive Dexter Comendador said.
The company plans to raise $200 million from the IPO.
Comendador said proceeds from the IPO would be used to finance acquisition of more aircraft and construction of new headquarters in Manila.
“In the next three years, we hope to double our fleet and up to seven years it should be tripled…and by 15 years it should be about 70 planes,” he said.
“We are ready for the competition,” Comendador said.
AirAsia operates a fleet of 17 aircraft with domestic and international flights out of hubs in Manila, Cebu and Kalibo.
Comendador said the airline company planned to mount flights to Taipei, Hong Kong, Macau, Kuala Lumpur and Japan out of Clark.
The airline flies to and from Manila, Davao, Cebu, Kalibo, Caticlan, Tacloban, Tagbilaran, Puerto Princesa, and Clark with international flights to/from Shanghai, Taipei, Incheon, Hong Kong, Macau, Kuala Lumpur, Kota Kinabalu and Singapore.
Philippines Air Asia recorded a net loss of P3.05 billion last year, lower by 1.3 percent from P3.09-billon net loss in 2015.
Revenue rose 21 percent to P10.81 billion from P8.93 billion in 2015.