BANGKOK: The Thai offshoot of Malaysian budget carrier AirAsia said Monday it aimed to raise at least $150 million to buy new planes through an initial public offering.
Thai AirAsia plans to sell a stake of at least 25 percent and list on the Thai stock exchange in the fourth quarter of this year.
"Following the strong performance in 2010, we are confident that this is the right time to access the capital markets for further expansion," Chief Executive Tassapon Bijleveld said.
The money will be used partly to pay for the purchase of 20 Airbus 320 planes it has ordered to double its fleet size, he said.
The airline plans to introduce a new route to India this year and another to the Philippines early next year, said Tassapon.
The planned IPO will include new and existing shares, offered to both local and foreign investors.
Thai AirAsia is currently owned 49 percent by Malaysia's AirAsia and 51 percent by its Thai management.
AirAsia said last month that its fourth-quarter net profit rose more than nine-fold from a year earlier due to strong passenger demand and higher yields.
Malaysia-based AirAsia X -- a long-haul affiliate of AirAsia and Virgin Group -- also plans an IPO this year, while AirAsia's Indonesian subsidiary plans a market listing in the fourth quarter of 2011.
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