Despite suggesting that it might be moved forward to 4Q17, Philippine AirAsia's IPO is now back on track for 2018.

As early as 2015, the newly founded Philippines AirAsia (Z2, Manila Ninoy Aquino Int'l) said it would go public in 2018, with then-CEO Joy Caneba saying the airline would secure its market presence in the Philippines first. Late last year, however, Tony Fernandes, Group CEO of parent company AirAsia Berhad, said the IPO could be moved forward to late 2017.

"I'm going to do it next year, we're going to try," Fernandes said at the time. However in a presentation to AirAsia Berhad investors last month, Fernandes has once again committed to a 2018 listing.

"I think Philippines is going to be a very, very profitable country. As I've always said, I think it's going to be our next Thailand [Thai AirAsia]," Fernandes said in the investor call. He added that despite initially considering a reverse takeover, the airline would now pursue a standard IPO listing which would take six to nine months.

AirAsia Philippines recorded a 2Q17 profit of MYR29 million (USD6.9 million) with passenger numbers up by 30%.