Tuesday, March 8, 2011

Thai AirAsia - Eyes at least US$150m from IPO

THAI AirAsia (5099) plans to raise at least US$150 million (RM454.50 million) from its initial public offering (IPO), which is targeted by the end of this year.

An affiliate of AirAsia Bhd, Thai AirAsia has named Credit Suisse Securities (Thailand) Ltd, CIMB Securities (Thailand) Ltd and Thanachart Securities Public Co Ltd as its joint lead underwriters.

"Following the strong performance in 2010, we are confident that this is the right time to access the capital markets for further expansion." Thai AirAsia chief executive officer Tassapon Bijleveld said in a statement yesterday. 

Proceeds from the IPO will be used for its future working capital needs and acquisition of additional aircraft. 
The airline recorded a 33 per cent increase in total revenue to 12.4 billion baht (RM1.34 billion) in 2010. It also made a profit after tax of 2.85 billion baht (RM307.23 million). 

Load factor was at 78 per cent with passenger volume growth of 16 per cent over 2009.

The airline carried a total of 5.8 million passengers last year, making it the largest low-cost carrier in Thailand.

Ancillary income per passenger grew by 62 per cent to 310 baht (RM33.42) last year.

"We will take more deliveries of brand-new A320 aircraft this year to add to our current fleet strength of 20 aircraft. We aim to grow to at least 40 aircraft in the medium term. We are confident that the IPO will help accelerate our growth," Tassapon said.

Thai AirAsia expects to carry seven million passengers this year. "Our goal is to strengthen both domestic and international travel with our three hubs in Thailand, namely Bangkok, Phuket and Chiang Mai. 

"The task is on track and yielding excellent results. We are confident that our financial performance combined with our vision and strategic plans will certainly bring in the local and international investors," Tassapon said.

Source: Business Time, 8 March 2011

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