AirAsia X in moderate bourse debut

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airasia xThe long-haul arm of Malaysia’s discount airline group AirAsia, AirAsia X, saw moderate intra-day gains at its debut at the Bursa Malaysia on July 10. The stock, initially offered at 1.25 ringgit per share, climbed to 1.28 ringgit during the session but then settled again at 1.25 ringgit.

A volume of around 159 million shares has been traded, making it the most traded stock on that day. All in all, the carrier made $310 million from its IPO. Other stocks trading at the Bursa Malaysia remained flat.

The proceeds from the share sale will be used to take on debt to expand the AirAsia X fleet as the carrier plans to set up hubs in Thailand and Indonesia along with its partners and may also consider an additional hub in Chennai in southern India. The airline will take delivery of 23 Airbus A330-300 planes over the next four years with a further order for 10 A350-900s as it aggressively expands routes to meet demand in Asia-Pacific.

The IPO was the 4th-worst debut in Kuala Lumpur trading over the past 12 months, market data show.

The next IPO in the group could be AirAsia Indonesia in the fourth quarter of 2013, which expects to raise $250 million at the Jakarta stock exchange.

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Reading Time: 1 minute

The long-haul arm of Malaysia’s discount airline group AirAsia, AirAsia X, saw moderate intra-day gains at its debut at the Bursa Malaysia on July 10. The stock, initially offered at 1.25 ringgit per share, climbed to 1.28 ringgit during the session but then settled again at 1.25 ringgit.

Reading Time: 1 minute

airasia xThe long-haul arm of Malaysia’s discount airline group AirAsia, AirAsia X, saw moderate intra-day gains at its debut at the Bursa Malaysia on July 10. The stock, initially offered at 1.25 ringgit per share, climbed to 1.28 ringgit during the session but then settled again at 1.25 ringgit.

A volume of around 159 million shares has been traded, making it the most traded stock on that day. All in all, the carrier made $310 million from its IPO. Other stocks trading at the Bursa Malaysia remained flat.

The proceeds from the share sale will be used to take on debt to expand the AirAsia X fleet as the carrier plans to set up hubs in Thailand and Indonesia along with its partners and may also consider an additional hub in Chennai in southern India. The airline will take delivery of 23 Airbus A330-300 planes over the next four years with a further order for 10 A350-900s as it aggressively expands routes to meet demand in Asia-Pacific.

The IPO was the 4th-worst debut in Kuala Lumpur trading over the past 12 months, market data show.

The next IPO in the group could be AirAsia Indonesia in the fourth quarter of 2013, which expects to raise $250 million at the Jakarta stock exchange.

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