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【TigerAir J7X 交流专区】虎航TIGER AIRWAYS HOLDINGS LIMITED

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发表于 21-12-2009 06:43 PM | 显示全部楼层 |阅读模式
本帖最后由 icy97 于 18-5-2012 11:20 AM 编辑

Tiger Airways seeks IPO

BUDGET carrier Tiger Airways said on Monday it has informed the central bank of its plans to list on the Singapore Exchange ahead of an initial public offering (IPO).
The airline said in a statement it 'has lodged its preliminary prospectus with the Monetary Authority of Singapore on Dec 21 in connection with a proposed listing on the main board' of the Singapore Exchange.
Dow Jones Newswires said the prospectus did not spell out how much money Tiger Airways plans to raise or the percentage of shares it plans to sell through the IPO.
But sources had earlier said Tiger is looking to raise S$250 million (US$178 million) through the initial shares offer scheduled next month.
Tiger Airways, which is 49 per cent owned by Singapore Airlines, flies from Singapore to destinations across Asia and to the Australian city of Perth. It also operates domestic services in Australia. -- AFP.
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 楼主| 发表于 21-12-2009 06:46 PM | 显示全部楼层
最近市场好,打算追IPO
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发表于 22-12-2009 01:08 PM | 显示全部楼层
do update here once the ipo price is out.
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发表于 22-12-2009 01:09 PM | 显示全部楼层
do update here once the ipo price is out.
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发表于 23-12-2009 01:46 PM | 显示全部楼层
请问tiger的价钱出了没有啊?我在SGX都还看不到它的价钱是多少
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发表于 24-12-2009 02:16 PM | 显示全部楼层
请问tiger的价钱出了没有啊
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 楼主| 发表于 25-12-2009 11:00 PM | 显示全部楼层
请问tiger的价钱出了没有啊?
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发表于 13-1-2010 12:59 PM | 显示全部楼层
Tiger Airways: Launches IPO at an offer price of S$1.35-1.65/share. Tiger Airways is due to launch its initial public offering (IPO) today, a week after it kicked off its book building for the exercise. The carrier is offering 92.5% of
its 165.2m base offer shares to institutional investors at an offer price ranging S$1.35 -1.65/share. The book building
exercise is expected to rake in gross proceeds of S$210m-250m, the bulk of which is used to partially fund its fleet
expansion. Singapore Airlines and Temasek Holdings, which currently hold 49% and 11% stakes respectively of Tiger
Airways, will see their holdings diluted, possibly by a third. (Source: The Business Times)
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发表于 13-1-2010 01:00 PM | 显示全部楼层
是丑小鸭变天鹅,还是烂帐平摊?
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发表于 14-1-2010 09:47 AM | 显示全部楼层
Initial Public Offerings (IPOs) / Introduction


TIGER AIRWAYS HOLDINGS LIMITED  
(Company Registration Number: 200701866W)
(incorporated with limited liability in the Republic of Singapore on 1 February 2007)
Tiger Airways Holdings Limited is a low-cost airline in Asia and Australia with a focus on route profitability and commitment to a disciplined low-cost business model. Tiger Airways Singapore Pte. Ltd. was launched in September 2004, achieved profitability in its third full year of operations (fiscal year 2008) and has reported annual profits since. Tiger Airways Australia Pty Limited was launched in November 2007 and has grown rapidly to establish itself as a major domestic airline in Australia, flying to every state and territory in the country.
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发表于 14-1-2010 09:48 AM | 显示全部楼层
Closing Date
18 Jan 2010

Prospectus
http://info.sgx.com/webipo.nsf/5 ... 7a482576aa00306a7a/$FILE/Tiger%20Airways%20Holdings%20Limited%20Registered%20Prospectus%20dated%2013%20%20January%202010.pdf
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发表于 14-1-2010 10:09 AM | 显示全部楼层
SIA, Temasek not selling shares in Tiger IPO


SINGAPORE, Dec 21 — Singapore Airlines and state investor Temasek Holding will not be divesting their Tiger Airways shares during the budget carrier’s upcoming initial public offering, according to a draft prospectus filed today.

http://www.ifrasia.com/fur-flies ... -ipo/330883.article

iscount airline Tiger Airways’ launch of its up to S$273m (US$195m) IPO last week hit turbulence from the start as rival budget carriers joined together in a move to further intensify competition.

On January 6, the day Tiger launched its IPO, Qantas subsidiary Jetstar and AirAsia announced their non-equity alliance to reduce costs, pool expertise and lower ticket prices. They plan to look at joint procurement of aircraft and engineering supplies and services, cooperation in passenger and baggage handling, and pooled inventory arrangements for aircraft components.

Analysts expressed scepticism over the nature of the partnership and its timing. AirAsia has committed aircraft orders until 2014 and Jetstar said it would maintain its “existing use of and commitment to Australian facilities”, so it is not clear whether they will be able to generate substantial savings from the tie-up.

A source close to Tiger’s IPO said: “We’re flattered that they feel the need to pull this stunt.”

The tie-up announcement came on the back of other plans made public by AirAsia CEO Tony Fernandes a few weeks earlier to list the airline’s Thai and Indonesian subsidiaries separately on the local exchanges. With AirAsia already listed in Malaysia, some have questioned the logic of breaking up the company’s share capital to list subsidiaries on smaller, less liquid neighbouring exchanges, suggesting it might be part of an attempt to overshadow Tiger’s IPO.


The strategy to steal some of the IPO publicity for themselves follows a similar exercise in Europe in November 2009. During the IPO of Danish low-cost carrier Cimber Sterling, its competitor Norwegian Air Shuttle (NAS) announced that it was launching new routes in direct competition to Cimber Sterling. The effect was sufficient to halve the valuation achieved in the IPO.

Tiger is having a similarly tough flight to market. In December Australian media reports stated that the size had been halved from a targeted S$500m following a weak response from investors.

However, a source with knowledge of Tiger’s transaction said that the issuer had always aimed to raise around S$200m – in line with what bankers said in July last year.

According to another source, Tiger’s offering could struggle, given the pressure on yields for low-cost airlines at present and considering it was not a “must-have” stock, although one banker close to the deal said it was well supported. Underlining that is the fact that Singapore Airlines and Temasek will maintain their stakes of 49% and 11%, respectively.

Tiger set its price range at S$1.35–$1.65, equivalent to 11.4–14 times earnings for the year ending March 31 2011. This compares to 12.9 and 14.2 times forward earnings for AirAsia and Ireland’s Ryanair, respectively.

Tiger’s Ebitdar (Ebitda before rent expenses) in fiscal year 2009 was S$13m, a margin of 3.5%. AirAsia and Ryanair, which are larger and have longer operational histories, had Ebitdar margins of around 38% and 26%, respectively, in their 2009 reporting periods. Tiger’s IPO prospectus forecasts FY2010 Ebitdar of S$90m–$110m.

Apart from a small S$8m pre-tax profit in FY 2008, Tiger has not been profitable in any financial year since being founded in 2003. Critics have also cast doubts on the airline’s ability to meet its aggressive growth goals. Its year-on-year passenger volume growth was 49.1% for the six months ended September 30 2009, while revenues increased by only 12.4% over the same period.

Tiger plans to quadruple its fleet by December 2015, and has secured ECA financing to allow it to buy its own planes rather than lease them from third parties.

Its main strength is its very tight cost controls. Its consolidated unit costs, measured in cost per available seat kilometre in FY09 and H1 2010 were among the lowest in the world, at S$0.066 and S$0.057 respectively.

It configures its A320 aircraft to carry 20% more passengers than standard and has one of the world’s lowest ratios of employees per aircraft, at 32.9 per plane.

Nonetheless, discount carriers in Asia have not fared particularly well in listings. Australia’s Virgin Blue was last week trading at A$0.59 (US$0.54) per share, 74% below the price set at its December 2003 IPO. India’s Deccan Aviation scraped through its Rs3.63bn (US$80m) IPO in May 2006, before being merged with Kingfisher in December 2007.

AirAsia raised M$875.6bn (US$259.6m) in its IPO in October 2004, but had traded slightly below its IPO price of M$1.25 late last year before a surge in its share price this month.

Tiger is offering 165m shares, equivalent to almost 30% of expanded share capital. Of these, 155.4m are primary shares and the remainder are being sold by private equity firm Indigo, which currently holds a 24% stake in the airline.

Institutional investors will be offered 92.5% of the shares, with the remainder for the Singapore public offer. There is a greenshoe of secondary shares equivalent to 12% of the base deal size. RyanAsia will sell part of its 16% stake in the event the over-allotment option is used.

Proceeds will be used to fund the planned acquisition of new Airbus A320 aircraft and to pay down debt.

Citigroup and Morgan Stanley are joint global co-ordinators, bookrunners and underwriters. DBS is joint lead manager and co-ordinator of the Singapore public offering, as well as joint underwriter. Pricing is scheduled for January 15.

Daniel Stanton
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发表于 14-1-2010 12:45 PM | 显示全部楼层
它的IPO很像有点高价咧...
大家认为投资得过吗?
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发表于 14-1-2010 02:03 PM | 显示全部楼层
回复 13# chingching83



   个人意见噢。。。。
我觉得airasia比较值的投资。

tiger都赚不到多少钱 。

想投机赚一点开门红的钱。。。不知道怎么样。
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发表于 15-1-2010 10:29 AM | 显示全部楼层
tiger 值得买吗???股价好像有点高....
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发表于 15-1-2010 12:11 PM | 显示全部楼层
一句话,怎样买?
我在DBS的ATM CHECK了,不能买,那那里可以买?
谢谢
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发表于 15-1-2010 01:57 PM | 显示全部楼层
回复 15# willie_sing



hi, patlabour. 
我觉得价钱太高了。
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发表于 15-1-2010 01:57 PM | 显示全部楼层
回复 16# 翻天印

可以啊,我用internet banking看得到。
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发表于 15-1-2010 02:18 PM | 显示全部楼层
是啊价钱抬高了,而且业绩报告出来是亏钱。。。
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发表于 15-1-2010 03:32 PM | 显示全部楼层
经willie_sing一提,马上CHECK了它的ANNUAL REPORT, 马的,真的亏到不清不楚,虽然相信它会升,但还是买其它的好了
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