Indonesia's flag carrier Garuda has utilised a majority of the Indonesia rupiah (Rp) 3.3 trillion ($343 million) raised from its initial public offering.
It has, so far, spent Rp3 trillion of the proceeds on aircraft payments for its fleet expansion plan as well as on capital expenditure, the carrier said in a statement on the Indonesia Stock Exchange.
It is setting aside a further Rp180 million for the same purpose.
Garuda raised $530 million from its IPO in February 2011.
Data from Flightglobal Pro shows that Garuda has an outstanding order for 69 aircraft, including Airbus A320s, A330-300s, Boeing 737-800s and 777-300ERs, and Bombardier CRJ1000s.