Vietnam’s Bamboo Airways plans to raise $100m via IPO next year

Photo: FLC Group

Vietnam’s Bamboo Airways expects to raise about $100 million from its planned initial public offering next year to fuel its aggressive expansion in one of the world’s fastest-growing aviation markets.

“The fundraising will help us to expand our fleet as we want to take 30% of the domestic market next year,” Trinh Van Quyet, the Hanoi-based chairman of the startup carrier, said in a phone interview. Bamboo Airways currently has more than 10% of the market, he said.

Vietnam’s expanding middle class, underpinned by economic growth of about 7%, is giving the nation’s consumers more disposable income to fly. Vietnam’s airports handled 106 million passengers in 2018, up about 13% from the previous year, according to the Civil Aviation Authority of Vietnam.

Bamboo will list its shares on a stock exchange next year after the IPO, though hasn’t decided on a bourse yet, Quyet said.

Bamboo Airways now operates 10 aircraft on 25 domestic and international routes. Vietnam’s Deputy Prime Minister Trinh Dinh Dung signed a decision in August allowing the carrier to increase its fleet to 30 aircraft by 2023, according to statement on FLC Group’s website. The fleet will include both narrow-body and wide-body aircraft.

Bamboo Airways expects to be the first Vietnamese carrier to operate direct flights to the U.S., planned for late 2020, Quyet said last month.

Bloomberg 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.