AirAsia looks to raise US$600 million from Indon, Phils IPOs

AirAsia chief Tony Fernandes has outlined plans for the Southeast Asian market, looking to raise up to US$600 million from initial public offerings for the brand’s Indonesian and Philippines franchises, according to Wall Street Journal.

Fernandes is hoping for valuations of US$1 billion for each associate airline and plans to sell stakes of 20% and 30%, potentially raising US$200million to US$300 million from each offering. Plans were also highlighted to enter the Japanese market again in 2016 with new partners, following the failure of a partnership with All Nippon Airways, added the article.

This is part of the airline’s vision to boost its presence in Indonesia. Fernandes has reportedly been in talks with Indonesian President Joko Widodo. The latter has been eager to push up Indonesia’s tourism numbers.