R Airlines (RCT, Bangkok Don Mueang) is looking to raise THB1.5 billion (USD45.6 million) through a possible IPO on the Bangkok Stock Exchange in 2017 the airline's president, Rachata Phisitbanakorn, has said. Rachata holds a majority 51% stake in the carrier with 20% held by two Chinese property development firms. The remaining 29% is held by various Thai investors.
Speaking to the Bangkok Post, Rachata said funding obtained via the offering would be used in the airline's expansion plans which involves the acquisition of five A319-100s.
"We plans to expand our routes and our fleet to meet the rising demand for air charter services. We also project revenue of THB450 million (USD13.67 million) in 2015 and plan to be listed on the Thai stock market by 2017," he said.
The charter specialist is looking to secure additional contracts ferrying Royal Thai Army military personnel around Thailand as well as tourist groups internationally. In the longterm, R Airlines also intends to branch into the scheduled services market.
Using a leased mainline fleet of one A320-200 and one A321-200, R Airlines offers charter flights to Taiyuan, Shijiazhuang and Xuzhou in mainland China, Gaya and Varanasi in India, Taipei Taoyuan in Taiwan, Muan in South Korea, and Hanoi Noi Bai International and Da Lat Lien Khuong in Vietnam. However, it plans to return the aircraft once it has acquired its five A319s.
