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May 1, 2017

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AirAsia's Fernandes plans triple IPO in 2013 to raise up to US$550 million

KUALA LUMPUR -- Malaysian tycoon Tony Fernandes plans to raise up to US$550 million by listing shares in the long-haul arm and Indonesian unit of AirAsia as well as in his insurance firm, a source said Thursday.

The plan comes as Fernandes tries to tap the Kuala Lumpur exchange's popularity as a center to launch initial public offerings, which has seen it rise to fourth globally despite the global slowdown.

A source familiar with the deal told AFP on condition of anonymity that the three listings likely to be launched next year — the long-haul AirAsia X, the Indonesian unit and Tune Insurance — were worth between US$400 million and US$550 million.

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