AirAsia IPO: No frills pricing

Asia''s first budget airline taxies home towards the bottom end of the range.

After being buffetted by persistent, record high oil prices, AirAsia priced its IPO towards the bottom end of the range on Friday. It marked a disappointing denouement for one of Asia's most interesting and entrepreneurial companies, but observers believe it was an achievement to price any kind of deal at all in a market currently obsessed with oil prices.

Under the lead management of Credit Suisse First Boston, ECM Libra and RHB Sakura, a 700.5 million share deal was priced at M$1.25 compared to an M$1.20 to M$1.50 range. Bankers say the M$858 million $226 million deal could have been comfortably priced at M$1.30, but the company decided to play...

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