AirAsia's Philippine unit targeting US$250m IPO in 2018

Manila

THE Philippine unit of AirAsia Bhd is seeking to raise up to US$250 million via an initial public offering (IPO) in mid-2018 to fund its expansion programme, its chief executive said on Tuesday.

Asia's biggest low-cost airline, which has nine units in the region, is beefing up its fleet in the Philippines amid an expected long-term boom in budget air travel. AirAsia first raised the prospect of listing its Philippine unit in 2015, planning at that point to take the airline public as early as 2017.