Philippines AirAsia looking to revive IPO plans

June 6, 2023 - 12:20 PM
AirAsia aircraft
Photo of an Indonesian AirAsia airbus. (Creative Commons/Stock photo)

 The Philippines unit of AirAsia owner Capital A Bhd is looking at an initial public offering next year, its CEO said on Monday, reviving a fundraising plan hatched in 2015 but shelved numerous times because of market volatility.

“We definitely need to raise some capital and that is one of the strongest options that we have,” Capital A CEO Tony Fernandes told ANC news channel.

The company will re-engage with local banks, he added.

AirAsia will continue to make fares competitive and pursue new destinations despite threats of recession in developed nations, Fernandes said.

The low-cost airline, which started Philippine operations in 2012, was looking at raising up to $250 million in 2018.

—Reporting by Neil Jerome Morales; Editing by Kim Coghill