AirAsia X has filed a revised prospectus exposure with Malaysia's Securities Commission, suggesting that the long-haul low-cost carrier is nearing its long awaited initial public offering.
The prospectus exposure is short on key details such as how much money the AirAsia unit hopes to raise, the indicative issue price and the company's listing date.
It does, however, state that the company will issue up to 538 million shares to institutions and 252 million shares to retail investors. This amounts to a 33.3% stake in the company.
The total number of shares to be listed is consistent with the company's previous prospectus that was lodged in November 2012. However, the carrier has reduced the institutional component from 686 million and increased the retail component from 104 million shares.
Of the funds raised, 43.8% will go to paying down debt, 31.5% to working capital, 21.5% to capital expenditure, and 3.2% to cost related to the listing.
In a summary of its business model, the company claims to have one of the lowest cost per ASK values in the world, at 3.7 cents including fuel, or 1.9 cents excluding fuel. AirAsia X says these figures are roughly 70% lower than its full-service rivals in the region.
In addition, AirAsia X claims that it has "one of the highest ancillary revenue per passenger levels in the aviation industry". In 2012, it recorded an ancillary revenue of $46 per passenger.
In the 2012 calendar year, AirAsia X swung to an operating profit of ringgit (M$) 48.9 million ($16.5 million) from an operating loss of M$60 million in 2011.