AirAsia X has issued a prospectus detailing plans to offer up to 790.1 million shares in an initial public offering (IPO).
The offer accounts for 33.3% of the long-haul low-cost carrier's enlarged paid-up capital. Of these 790.1 million shares, 685.7 million will be offered to institutional investors, while the remaining 104.4 million will go to retail investors.
The prospectus, listed on the Securities Commission Malaysia website, did not state a timeframe for when the IPO is expected to take place.
The final retail price of the shares will be determined on a later date.
AirAsia X intends to use a majority of the funds raised to repay bank borrowings within three months of the listing. The remaining will go towards the carrier's general working capital and capital expenditure to finance the purchase of additional aircraft and expand its operations, and also to account for listing expenses.
The carrier has debt amounting to Malaysian dollar (M$)1.38 billion ($452 million), while its equity stands at M$518 million.
Earlier media reports say AirAsia X plans to be listed on Bursa Malaysia, the country's stock exchange, by early 2013.