5-6-2023 (MANILA) The Philippine unit of AirAsia, owned by Capital A Bhd, has announced its plans for an initial public offering (IPO) next year. This move comes after a fundraising plan that was initially proposed in 2015 but had been delayed multiple times due to market volatility.
“We are definitely in need of raising capital, and an IPO is one of the strongest options available to us,” stated Tony Fernandes, CEO of Capital A, during an interview with ANC news channel.
Fernandes further mentioned that the company intends to re-engage with local banks to facilitate the IPO process.
Despite the looming threat of a recession in developed nations, AirAsia remains committed to maintaining competitive fares and exploring new destinations, according to Fernandes.
AirAsia, a renowned low-cost airline that commenced operations in the Philippines in 2012, had previously aimed to raise up to $250 million in 2018.
