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SHANGHAI, China – Chinese budget carrier Spring Airlines said it plans to raise 2.5 billion yuan (US$400 million) in an initial public offering (IPO) in Shanghai to fund fleet expansion in the country
SHANGHAI, China – Chinese budget carrier Spring Airlines said it plans to raise 2.5 billion yuan (US$400 million) in an initial public offering (IPO) in Shanghai to fund fleet expansion in the country’s rapidly expanding aviation sector.
The company plans to sell up to 100 million new shares for listing on the main board of the Shanghai Stock Exchange, according to a draft prospectus released late Thursday.
Proceeds will be used to help purchase up to nine Airbus A320 aircraft and three A320 flight simulators, as well as to replenish working capital, it said in a document filed with the China Securities Regulatory Commission (CSRC).
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