On-again, off-again plans to float Philippines AirAsia (Z2, Manila Ninoy Aquino International) via an initial public offering (IPO) are on again, according to Capital A CEO Tony Fernandes. Capital A owns 100% of the low-cost carrier. Fernandes has previously talked about an IPO, but as recently as September 2024 he said it was off the table.
"We are exploring having a direct listing on the Philippine Stock Exchange," Fernandes told reporters earlier this month. "We might be looking at selling 20-30% once aviation is sorted out.” He added that a listing would help fund the carrier's expansion, which would ride on the back of growth in the Filipino aviation market.
"We’re going to be modernising the fleet with our orderbook," he said. "We have taken 14 planes this year. Some of those planes will be coming to Manila."
According to the ch-aviation PRO airlines module, Philippines AirAsia operates to 21 airports across eight countries with a fleet of twenty-five A320-200s, although ten of those are inactive. IPO plans first surfaced in 2015 and have resurfaced regularly since then. Fernandes admitted he had "been talking about it for a while."
"My confidence in the Philippines has grown, because finally the airports are being sorted out," he explained. "I think now with the airport development that is happening in Manila, we can start to see Manila as one of our important hubs." He said that this airport had the potential to develop into a major AirAsia hub, alongside Kuala Lumpur and Bangkok, and could serve as a jumping-off point for flights to North America.
"My dream really is that Manila should become our hub in ASEAN for the western and eastern coast of America," he said.
He said Capital A was also discussing other listing options, including a backdoor listing.
