China carrier aims to raise 1.9b yuan in Shanghai IPO

[BEIJING] Juneyao Airlines, a small privately owned carrier, said it aims to raise 1.9 billion yuan (S$380.7 million) in an initial public offering in Shanghai to fund its fleet expansion.

The Shanghai-based carrier plans to issue up to 200 million shares or 29 per cent of its enlarged total equity, according to a prospectus released by the China Securities Regulatory Commission ahead of China's Labour Day holiday.

Proceeds of the listing would fund the purchase of seven Airbus Group NV A320 jets and back-up engines, it said.