AirAsia follow-on raises $144 million

Malaysian regulations governing the foreign ownership of airlines constrain the final deal size.

Low-cost carrier AirAsia Berhad yesterday raised M$505 million $144 million through a fully marketed follow-on. The deal ended a little smaller than originally intended after it ran into restrictions regulating the foreign ownership of airlines.

The base deal size was 400 million new ordinary shares, offered at a price between M$1.33 and M$1.40 apiece, which translates into a discount of 0.7% to 5.7% versus Monday's closing price of M$1.41. The deal priced at the bottom, M$1.33, giving the full...

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