AirAsia moves IPO to 2019

MANILA, Philippines — Philippines AirAsia Inc. is deferring anew its planned initial public offering (IPO) this year given prevailing unfavorable market conditions.

Philippines AirAsia chief executive officer Dexter Comendador said in an interview yesterday that the company is pushing back the IPO to next year.

“As I see it, we might be delayed on the IPO. We’re still working on it, but I think we might get delayed to probably next year,” Comendador said.

“There are too many problems at the moment especially in fuel prices, the foreign exchange rate, plus the Boracay closure. So probably we have to move it next year,” he added.

According to the official, the initial timeline for the IPO at the moment is eyed by the middle of next year.

Philippines AirAsia has been planning to conduct the IPO as early as 2017, but has been pushed back several times.

 In an interview last May, Comendador said the company is looking to conduct the IPO in the last quarter.

The low cost carrier is looking to raise around $250 million from the IPO to finance operations, particularly for aircraft and new facilities.