Skift Take
Capital A is keen to push ahead with its “Hollywood” debut on the New York Stock Exchange, according to full-of-gusto CEO Tony Fernandes. Traveloka is also keen for an IPO debut in the U.S. The New York Stock Exchange is surely the place to be for Asian superapps.
Capital A, earlier known as the AirAsia Group, is planning a public listing on the New York Stock Exchange sometime next year.
Already a public listed company on Bursa Malaysia, Capital A may seek two stock exchange listings in the U.S. — one for the airline and the other for the digital superapp, its CEO Tony Fernandes said.
AirAsia executives could not be reached for comment at publication time.
“If you want to be an actor, you’re probably going to want to end up in Hollywood at some stage in your career,” Fernandes was quoted telling the Financial Times.
While 2021 witnessed record-high levels of global initial public offerings, volatile market conditions have resulted in a significant slowdown during the first quarter of 2022. For the first quarter of 2022, the global IPO market saw 321 deals raising $54.4 billion in proceeds, a decrease of 37 percent and 51 percent year-on-year, respectively, according to Ernst & Young.
The superapp aggregates all of the company’s offerings and services, including flight and hotel bookings, food and grocery delivery, ride-hailing, parcel delivery, and more.
The AirAsia Group had been considering a listing of its digital arm through a special-purpose acquisition company in the United States to raise at least $300 million. The group has also been approached by a few SPACs.
However, last year the company had to undergo a debt restructuring scheme to avoid filing for bankruptcy. Things have now started to look up for the company and Fernandes is confident that the company would be profitable and cash-flow positive by 2023.
With the company running into financial…