The IPO plans of Indonesia’s Lion Air seem to be cursed.
Yet again global events have conspired to disrupt its plans to go public.
It has once again put off IPO plans which were well advanced.
Announcing its intention to go public again late last year, it hoped to raise at least $500 million.
Investor presentations were completed and the airline hoped to announce its IPO timetable by the end of February for a possible listing in March.
Airline and travel stocks have plunged since the coronavirus outbreak and global markets remain shaky.
Lion Air will now hold off until markets stabilise, according to sources familiar with the matter.
Airlines have reduced capacity to China and across Asia due to weak demand with some carriers laying off workers.
Lion Air had hoped to use the IPO funds to shore up the business and secure longer term leases for some of its aircraft.
It currently has a fleet of more than 100 jets and has hundreds more on order.
The airline has tried several times to go public over the past five years but pulled out each time due to unfavourable market conditions.
