Mar 3, 2011

AirAsia IPO names Credit Suisse & CIMB

Aviation company PT Indonesia AirAsia (IAA) has appointed Credit Suisse and CIMB Securities as their lead underwriters for US$150 million-US$200 million initial public offering (IPO) in the fourth quarter this year.
IAA President Director Dharmadi said the underwriter selection was conducted last month. “Among other commercial aviation companies, CIMB and Credit Suisse believed IAA has the potential and that is why they are interested,” as he said on a press conference, today.
IAA hopes could seize US$150 million-US$200 million from 20% share sale via IPO. “We will use the proceeds to purchase new aircraft, for long term capital and to provide opportunities for employees to manage shares.”
AirAsia seeks 14 fleets of Airbus. The airlines posted Rp2.75 trillion last year, a 36.13% increase from Rp2.02 trillion. Passengers last year reached 4 million. Net profit in 2010 reached Rp474 billion with 77% lead factor.
"We estimate our performance may grow 15%-20% this year," he said.
Post IPO, AirAsia plans to enroll Makassar for domestik and abroad destinations. Up to 2015, IAA plans to purchase 16 new aircrafts so that the company will operate a total of 30 units of aircraft.
Indonesia AirAsia is an airline company that provides inexpensive flight. The company is a subsidiary of Kuala Lumpur-based AirAsia.

Disclosure: No position at the stock mentioned above.

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