Really Cool Airlines (LUV) is aiming to commence flight operations in the second quarter of 2024, pending the carrier securing certification and aircraft. It is also eyeing an initial public offering (IPO) in the middle of the decade.
CEO Patee Sarasin told the Bangkok Post that he hopes to secure a Civil Aviation Authority of Thailand (CAAT) issued air operator's certificate (AOC) in January, paving the way for the start of charter flights between March and May. In the second half of 2024, he said he hoped to begin scheduled operations to Tokyo, Hong Kong International, Shanghai Pudong, Singapore Changi, and Tbilisi before long-haul flights to Europe the following year.
The CEO said he had locked in start-up funding of THB1 billion baht (USD28.4 million) and intends to induct four leased widebodies in 2024, starting with two A330-300s. These will be followed by two A350-900s. Recently, when contacted for comment by ch-aviation about the status of their first aircraft, a spokesperson for Really Cool Airlines said the acquisitions remained "a work in progress."
The Bangkok Post also reported that the carrier's business plan assumes profitability from 2025, at which time Sarasin will start working on an IPO. Thai law requires three consecutive years of profitability before an entity can list on Bangkok's bourse. However, Sarasin wants an IPO in around half that time and will use a stock exchange in a different jurisdiction.
Sarasin also says he plans for around 15% of the airline's overall revenues to come from cargo and, in the short term, 40% of overall revenues to come from sources other than ticket sales, ramping up to 50% over time. The CEO says this will help diversify risk and protect the startup against any events that may disrupt the aviation industry in the future.
