AirAsia X raises USD308.6 million in funds from IPO

AirAsia X announced (21-Jun-2013) its IPO has raised approximately MYR987.7 million (USD308.6 million) in funds after retail and institutional shares of the IPO were priced at MYR1.25 per share. Offer highlights include:

• The IPO comprised of 790.1 million ordinary shares, or 33% of AirAsia X's enlarged share capital, of which the primary shares offered by the company and the secondary shares offered by certain existing shareholders of the company represent 25% and 8%, respectively, of the enlarged share capital;
• Total demand for the institutional tranche was more than 10 times the base shares made available to the institutional investors. The book was multiple times oversubscribed across the entire price range;
• The results of the bookbuilding demonstrated very strong demand from investors, with participation from both domestic and international, including some of the largest global funds. [more - original PR]

AirAsia X: "I am delighted with the overwhelming response from all investors in Malaysia and abroad. It is a testimony of investors' confidence in the performance of the Company as well as the capabilities of our management team. We have taken into account every factor related to fixing the price of the shares, and we have settled to price the shares at the low to mid-range to benefit our investors. As the book was about 5 times covered at the top end of the range, we would have been able to comfortably price it at the initial RM1.45 per share. We have a strong institutional investors' base including some of the largest global funds, and with the inaugural benefit scheme in place, we are confident of the listing being successful. We appreciate the support of our investors, and we look forward to a long term partnership with them." Tan Sri Rafidah Aziz, the Independent Non-Executive Chairman of AirAsia X. Source: AirAsia X, 21-Jun-2013.