Indonesia AirAsia (IAA) president commissioner Sendjaja Widjaja on Sunday said the company would continue with plans to go public, to inject fresh capital needed to fuel IAA's fleet expansion plans.
"IAA shareholders are currently working on plans for the IPO [initial public offering], and we hope we will be ready to offer our shares publicly by the second semester of 2011", Widjaja said as quoted by kompas.com.
"The capitals we hope to gain from this will be used to cover our operational costs and to purchase two new Airbus A320 aircraft, but this plan is still a draft plan that has not been finalized, as there have been talks about purchasing five aircraft instead of just two — in order to comply with Indonesian Aviation Regulation No.1, 2009," Widjaja said.
The regulation requires operators to own a minimum of five aircraft in 2012. IAA currently operates 11 Airbus A320-200 and four Boeing 737-300, but all of these aircraft are leased.
"We are still deciding which underwriter company to use. The selection process has been going since December 2010, and we aim to have chosen an underwriter by February 2011. We want a large, international and committed company to do this job as they will determine the value of the shares and amount [of shares] we can offer,” Widjaja said.
For it to continue operating in Indonesia, Indonesia AirAsia will need to raise US$ 424.5 million (Rp 3,843 trillion) to purchase five aircraft.
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