* IPO targeted between Q3 2020 and Q1 2021
* Company to focus on restructuring, internal funding
* Record revenues seen this year
(Adds details, background)
By Neil Jerome Morales
MANILA, Oct 9 (Reuters) - The Philippine unit of AirAsia Bhd
AIRA.KL is postponing its initial public offering (IPO) to
next year or 2021 as it focuses on corporate reorganisation and
seeking funds from existing shareholders, its chairman said on
Wednesday.
The low-cost airline has been looking to go public and raise
around $200 million since 2015, but has shelved its plan several
times because of weak markets and volatile oil prices.
"According to our estimated timeline, we are looking at the
third quarter next year to first quarter of 2021," Philippines
AirAsia Chairman Joseph Omar Castillo told reporters.
Another major consideration would be a good performance of
the stock market, Castillo added.
The company is being restructured after Filipino lawmaker
Michael Romero bought out some investors in June to become the
airline's single largest stockholder. The budget carrier plans
to raise cash through common and preferred shares. Philippines AirAsia was looking at a $600 million valuation
and had planned to raise $200 million this year to buy aircraft
acquisition and expand its routes.
It aims to grow revenues by 39% to a record 29 billion pesos
($560 million) by carrying 10 million passengers this year, said
Philippines AirAsia vice chairman Shiela Romero.
The airline, which started its Philippine operations in
2012, has a fleet of 23 Airbus aircraft catering to Philippine
and foreign routes.
($1 = 51.78 Philippine pesos)