Akasa Air (QP, Mumbai International) is looking to raise around USD300 million, according to MoneyControl. The airline, which commenced revenue operations in August 2022, has enlisted UBS to help it raise funds in the form of structured credit.
Akasa now flies to 17 cities in India with a fleet of twenty-one B737-8s and a sole B737-8-200. Akasa has also placed a steady stream of aircraft orders with Boeing, including 103 B737-8-200s, four B737-8s, and ninety-nine B737-10s. The airline lost INR6.03 billion rupees (USD76.2 million) in the 12 months to March 31, 2023.
In mid-2023, ch-aviation reported that Akasa was looking to raise between USD75 - 100 million to fund aircraft acquisitions. In September of the same year, it was reported that the airline was looking to raise up to USD400 million. Money Control says these earlier plans to raise equity have been dropped in favour of taking on debt.
Akasa's biggest shareholder is the Jhunjhunwala family, who own a 45.97% stake and invested heavily at the start to fund the launch. Other significant shareholders and investors include CEO Vinay Dube with a 16.13% stake, Madhav Bhatkuly with 9.41%, Sanjay Dube and Niraj Dube each with 7.59%, and PAR Capital Ventures Llc with 6.37%. Taking on debt, rather than equity raising, will see these stakes stay the same.