Tiger Airways launches initial public offering
Tiger Airways launched (13-Jan-2010) its IPO, confirming plans to raise up to SGD246.8 million, selling approximately 165.2 million shares at SGD1.65 each - at the upper limit of the IPO range. SGD246.8 million of the funds raised from the offer will be used to finance aircraft orders, SGD50.4 million will be used to pay down short-term loans, while the carrier is considering using SGD10 million to establish a new carrier or new bases. The carrier expects the shares to commence trading on the Singapore Stock Exchange on 22-Jan-2010. CEO, Tony Davis, remains bullish of the performance of Tiger, stating the LCC model is underdeveloped in Southeast Asia and that the region is poised to become the largest travel market by 2020 (AFP, 13-Jan-2010). [more]
Tiger Airways: "The under-developed low-fare, low-cost model in the majority of countries in the region presents opportunities for our future growth. We are now ready to embark on the next stage of growth, and believe that a listing will help fuel that growth," Tony Davis, CEO. Source: AFP, 13-Jan-2010.