Thai AirAsia’s controlling shareholder launches $145 million IPO

Asia Aviation, which currently owns 51% of budget airline Thai AirAsia, kicked off the bookbuilding yesterday for an initial public offering that is aiming to raise between Bt4 billion and Bt4.6 billion $126 million to $145 million.

Asia Aviation is a holding company that is wholly-owned by Thai AirAsia’s management and whose sole investment is its stake in the Thai airline. The remaining 49% of Thai AirAsia is owned by Malaysia’s AirAsia, Asia’s biggest low-cost carrier.

In addition to the IPO there will be a private placement of up to $87 million worth of secondary shares, which is due to be completed...