AirAsia indicates interest in floating IPO of India operations
AirAsia India, which is a joint venture between Tata Sons and AirAsia Berhad, has expressed interest in initiating the process of floating an IPO of its India operations.
AirAsia, the international airline headed by the Malaysian entrepreneur, Tony Fernandes is awaiting the approval of AirAsia India's board to appoint a banker to explore IPO option. AirAsia also seeks a partner for its shared services centre AGSS, conveyed Fernandes through a tweet. Fernandes sounded skeptical over analyst valuation for the company but said its India operation has huge growth potential.
AirAsia India is an equally split JV between AirAsia Berhad and Tata Sons, with each hold 49 per cent stake. The airline registered revenue of Rs. 600 crore in 2016 and expects revenue to double in 2017.
Meanwhile, aviation stocks were trading mixed on Wednesday. At 14:40 hours, InterGlobe Aviation was quoting Rs. 1,239.95 per share, up by 1.06 per cent, Jet Airways was at Rs. 841.20, up 0.48 per cent, Spicejet was at Rs. 134.60, down by 2.25 per cent.