Outrigger Hotels and Resorts

Published on Wednesday, July 7, 2021

AirAsia's digital business seeking US public listing via SPAC

Low-cost airline AirAsia Group's digital division is mulling a US listing via a special-purpose acquisition company (SPAC).

It is aiming to raise about $300million in the IPO.

CEO Tony Fernandes said some a few tech-focused SPAC businesses have approached the group.

AirAsia has instructed auditors to explore a potential deal.

"We have now recruited our auditors to start preparing for an American listing, so that's very much on the table," he told Reuters.

The SPAC route offers a quicker and often cheaper way to a public listing, which has found favour with tech focused companies in the past couple of years.

The company's digital arm covers non-aviation travel and lifestyle services, logistics and fintech.

The group is also in talks with private equity businesses in Asia and is close to agreeing a US$1 billion loan with a US firm.

AirAsia also announced a deal to buy Indonesian ride-hailing firm Gojek's Thailand business in a stock swap transaction, valuing the deal at US$50 million.

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