Thai low-cost carrier Nok Air aims to raise baht (Bt)4.88bn ($158 million) in its initial public offering, most of which will go towards expanding the airline's fleet.
According to a prospectus lodged with Thailand's Securities and Exchanges Commission, the airline will issue 187.5 million shares priced at Bt26 each - to be quoted on the Stock Exchange of Thailand on 20 June.
The share sale will include the issue of shares equal to 20% of the company's paid up capital, while shareholder Aviation Investment International will also sell a 10% stake.
Thai Airways International currently holds a 49% stake in the airline, however, Nok chief executive Patee Sarasin told Flightglobal Pro in March that he expects that this will be diluted to around 39% post offering.
The airline says that it plans to use Bt2.3 billion from the IPO to fund the expansion of its fleet, and that it intends to grow to a fleet of 22 737s and eight ATR 72s by 2015.
Flightglobal's Ascend Online database shows that Nok operates a fleet of 12 Boeing 737-800s and four ATR 72s, all of which are leased from companies that include Thai Airways, GECAS and SMBC Aviation Capital. It also has four 737-400s listed as stored at Bangkok's Don Mueang airport.
The remaining IPO funds will go towards increasing its working capital, says the airline.
The prospectus also shows that Nok recorded a net profit (excluding extraordinary maintenance costs) of Bt504.7 million for the 2012 fiscal year, and Bt415.8 million for the first quarter of 2013.
Nok began operations in 2006 and primarily competes with Thai AirAsia. Based at Don Mueang, the airline focuses mostly on domestic Thai destinations. It recently announced plans to launch services to Myanmar, which will be operated by Siam General Aviation.