AirAsia's Philippine unit plans more than $200 million IPO

The Philippine unit of AirAsia Group Bhd hopes to push through with its initial public offering this year to raise more than $200 million to expand capacity, the regional carrier's chief executive said on Thursday. AirAsia Group had planned to list some of its Southeast Asian units as early as 2017, but was delayed by volatile markets and business challenges.
"We're getting close. Hopefully we can do it this year," AirAsia Group CEO Tony Fernandes told reporters. The low cost carrier is planning to raise an amount "far greater" than the previously announced $200 million target, Fernandes said.
Philippines AirAsia, which is growing the most along with Indonesian operations, will swing back to profitability this year, Fernandes said. "We've cracked the barrier of size, we know the market better." AirAsia Group has a 16 percent share of the Philippine market. Its Philippine unit had 22 aircraft that carried 6.86 million passengers in 2018.