03 Mar '11, 6am

AirAsia Indonesia to launch IPO - Channel News Asia

AirAsia Indonesia to launch IPO - Channel News Asia

JAKARTA: An Indonesian subsidiary of budget airline AirAsia hopes to raise up to $200 million in an initial public offering that will hand investors up to a fifth of the firm, it said Thursday. "We expect to raise up to $200 million from the IPO," to be held in the fourth quarter of this year, AirAsia Indonesia chief executive Dharmadi said. He said the company had named CIMB Securities Indonesia and Credit Suisse Securities Indonesia as joint-lead underwriters. The announcement comes after flag carrier Garuda Indonesia listed last month, raising around 4.7 trillion rupiah ($535 million) from selling 28 per cent of its total equity, to help expand its fleet. The IPOs reflect rapid change in the nation's aviation sector, which has a long history of safety problems. The European Union banned all Indonesian airlines from its airspace in 2007 after a series of crashes and inci...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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