AirAsia X to offer 33.3% of shares in IPO
AirAsia X plans to offer 33.3% of its shares in its IPO in 2013 which is expected to raise approximately USD250 million for the airline (AFP/The Star, 03-Nov-2012). The IPO will include 592.59 million new shares and 197.53 million existing shares. The IPO is reportedly expected to debut by Jan-2013. AirAsia X is yet to provide information on pricing of the IPO. AirAsia X CEO Azran Osman-Rani said, “We are expecting to get the approvals by mid-December and if everything goes well, we hope to be listed by early next year”. The airline plans to use 55.1% of proceeds from the IPO to repay bank borrowings, 21.5% for capital expenditure (including acquisition of engineering and aircraft and expansion of hubs in the future), and the remaining 20.2% for working capital and listing expenses.