Pillsbury Winthrop Shaw Pittman and Allen & Overy were lead advisers on the $310 million BursaMalaysia initial public offering of long-haul budget airline AirAsia X.
A subsidiary of Kuala Lumpur-based AirAsia Bhd., AirAsia X entered the public market in order to help finance the expansion of its fleet and set up new hubs. The remainder of the funds raised will be used to pay down debt and boost working capital reserves.
While AirAsia flies mainly to Southeast Asian regional destinations, AirAsia X flies to Australia, China, India, Europe, and the Middle East.
Pillsbury San Francisco partner David Lillevand and Shanghai partner Woon-Wah Siu served as U.S. counsel to AirAsia X. Kuala Lumpur partners Christopher Lee and Fiona Sequerah of Christopher & Lee Ong, a Malaysian affiliate of Singapore’s Rajah & Tann, advised the airline on Malaysian law.
Allen & Overy Singapore partner Kenneth Aboud advised underwriters CIMB Investment Bank Bhd., Credit Suisse (Singapore) Ltd., Maybank Investment Bank Bhd, with Zaid Ibrahim & Co. Kuala Lumpur partners Gilbert Gan Boon Seah and Heng Sue Yin acting as Malaysian counsel.