AirAsia X confirmed (10-Jul-2013) it has officially commenced trading under the stock code 'AAX' on the Main Market of Bursa Malaysia Securities Berhad. The public section of the carrier's IPO was 3.8 times oversubscribed, and the institutional offering attracted strong demand from local and international investors. Total demand for the institutional tranche was more than 10 times oversubscribed. Through the IPO, the company has raised approximately MYR740.7 million (USD232.7 million) in primary proceeds based on the IPO price of MYR1.25 (USD0.39) per share, and has an implied market capitalisation of approximately MYR3.0 billion (USD942.6 million) upon listing. AirAsia X will use approximately one-third of the primary proceeds raised from the IPO for capital expenditure, including the acquisition of engineering and aircraft related equipment and parts, as well as for the expansion of AirAsia X into new hubs in the future. Another approximately one-third of primary proceeds will be used for the repayment of bank borrowings while the balance will be used for working capital as well as for listing expenses. [more - original PR]
AirAsia X: “This is just another stepping stone to bigger and better things that are yet to come. Being a listed entity, we are now accountable to our public shareholders, and we are dedicated to putting them first. However, we will also not lose sight of the journey ahead of us. We will work harder to grow AirAsia X to a more prominent position, while at the same time leveraging on the strong brand of the AirAsia Group.” Tan Sri Rafidah Aziz, independent non-executive chairman. Source: AirAsia X, 10-Jul-2013.