PT Lion Mentari Airlines, operating as Lion Air (JT, Jakarta Soekarno-Hatta), is revisiting earlier plans for an initial public offering (IPO) that could raise between USD300 - 500 million, according to Bloomberg.
Citing sources close to the talks, the report says discussions have restarted with advisors, and the Indonesian budget carrier could hold the listing later this year. ch-aviation has contacted Lion Air for comment.
Lion Air has twice floated plans for an IPO, only to have them derailed by external factors. In 2019, Indonesia's biggest airline by fleet size attempted to raise around USD1 billion. However, it never went ahead due to a weak capital market environment. The outbreak of Covid-19 scuttled another plan to hold an IPO the following year.
The LCC is reportedly resurrecting its IPO plans this year to fund aircraft acquisitions, having already announced a significant network expansion. An IPO will result in Lion Air listing on the Indonesian Stock Exchange (IDX) alongside PT Garuda Indonesia (Persero) Tbk, dba as Garuda Indonesia; PT AirAsia Indonesia Tbk, dba Indonesia AirAsia; and rotary wing operator PT Jaya Trishindo Tbk, dba as Jati.
According to ch-aviation PRO airlines data, Lion Air flies to 48 destinations in four countries. The LCC's current fleet totals 109 aircraft, including five A330-300s, eight A330-900Ns, twenty-nine B737-800s, three B737-9s, and sixty-four B737-900ERs. The airline also has fifty B737-10s and 179 B737-8s on order.
