AirAsia Indonesia targets USD200m from IPO

AirAsia Indonesia expects to raise up to USD200 million from the sale of a 20% stake in an IPO to be held at the end of 4Q2011. CIMB Securities Indonesia and Credit Suisse Securities Indonesia have been appointed as joint lead underwriters (The Jakarta Post/Antara, 03-Mar-2011). AirAsia Indonesia CEO Dharmadi said: "Funds raised will be used to procure new airplanes, to boost capital, to finance long-term operational costs and speed up corporate growth. We now have a fleet of 16 planes in Indonesia. We have set ourselves the target of operating 30 planes in 2015." The company has also targetted increased revenue (up 15%) in 2011 on an expected increase in load factor to 80%, compared with 77% in 2010.