17-Dec-2009 11:16 AM

Tiger Airways scales back IPO after lukewarm response

Tiger Airways reportedly announced plans to scale back its proposed IPO to between USD143-179 million, with the option to increase the issue by 10-15%, reflecting a lukewarm response by potential investors and feedback from Citigroup and Morgan Stanley (Reuters, 16-Dec-2009). The carrier initially planned to raise up to USD500 million, or 20% of its share capital, in Jan-2010 to assist in financing 50 A320s on order. Tiger had already selected Citigroup and Morgan Stanley as joint book-runners and lead managers of the sale, with DBS also appointed a joint lead manager.