Budget airline operator AirAsia is moving forward with its long-held plan to debut on the Philippine Stock Exchange (PSE), with CEO Tony Fernandes confirming that the company is preparing for an initial public offering (IPO) within the next 12 months.

Despite previous setbacks, Fernandes said AirAsia is now in a stronger position to proceed with the listing as it seeks to expand its fleet and strengthen its foothold in the Philippine market.

"Rather than sell it to an individual or a company, we are focused on listing in the Philippine Stock Exchange," Fernandes said in a virtual media briefing on Wednesday.

"We have been talking about this for a while, but we had ownership problems. Now that we are 100 percent in control with a much clearer state, I personally like the idea of selling to the public. We serve the people of the Philippines, so I would like them to have a chance to own AirAsia Philippines,” he added.

AirAsia is evaluating various options for the IPO, including a backdoor listing or a traditional public offering, with investment banks assisting in the process.

"We have to have discussions with the stock exchange on our track record, etc. We’re looking at a few options that have been given to us," Fernandes said.

While he declined to disclose a target amount for the IPO, he confirmed that the proceeds would be used for expansion.

"We have been tight on cash, right? It’s no secret that COVID hit us hard. We survived, and now we’re going back to growth," he said.

To support its expansion, AirAsia is ramping up its international operations with 14 new aircraft deliveries this year — four from Airbus and 10 from lessors — to meet growing travel demand across ASEAN and beyond. Of these, three to four aircraft will be allocated to its Philippine operations.

"The aim is to rapidly build our fleet to 25 in the Philippines. We are looking to add about three A330s as well. In the first instance, we’re targeting to scale up to 25 aircraft, and then the plan is to add three to four aircraft per year,” Fernandes said.

As part of its long-term growth strategy, AirAsia aims to position Manila as an international hub for flights to the United States while expanding its presence in aviation services, including aircraft maintenance, logistics, and tourism.