Budget carrier Air Busan is planning an initial public offering in March next year. An Air Busan spokesman on Thursday said the carrier wants to raise more capital to fuel growth after posting five consecutive years of profits.
Air Busan achieved sales of W277.9 billion and an operating profit of W5 billion last year (US$1=W1,018). "Although we have yet to decide on the timing, method and underwriter, we plan to IPO around March next year after gaining approval from our shareholders on June 30," executive director Choi Pan-ho said.
Air Busan is 46-percent owned by Asiana Airlines and 64 percent by the Busan municipal government and businesses in the southern port city. A representative for the Busan area businesses and Asiana Group chairman Park Sam-koo met recently to discuss the IPO and the prospect of setting up another budget carrier.