AirAsia Brand Unit Targets $1.5bn Nasdaq Debut
Capital A plans to list AirAsia Next, the entity holding branding rights for the AirAsia aviation and technology group, on the Nasdaq in the third quarter of 2026 through a merger with a US-listed company. Chief executive Tony Fernandes said the proposed transaction would value the business at approximately USD1.5 billion.
Speaking to Bloomberg, Fernandes indicated the deal could be announced by the second quarter of 2026. The structure would enable a backdoor listing for AirAsia Next, providing the unit with direct access to US capital markets.
The move follows Capital A’s completion of the disposal of its aviation businesses, AirAsia and AirAsia Aviation Group, to AirAsia X in January 2026. That restructuring allows the holding company to pivot toward its non-aviation portfolio, which includes engineering arm Asia Digital Engineering, logistics platform Teleport, travel technology business AirAsia MOVE, and AirAsia Next.
Fernandes had previously pursued a Nasdaq listing in 2024, but the effort stalled due to compliance challenges. He has reiterated his ambition to list Capital A’s non-aviation subsidiaries over time, positioning the group as a broader aviation and digital services ecosystem rather than a traditional airline holding company.
AirAsia Next’s core asset is the AirAsia brand, which Fernandes suggested could be licensed to additional carriers across the Association of Southeast Asian Nations region. He signaled that the brand could extend into new ventures beyond aviation, reinforcing its recognition as one of Asia’s most established low-cost airline names.
Currently, all non-Malaysian airlines operating under the AirAsia brand function as joint ventures between local partners and AirAsia Aviation Group, now owned by AirAsia X. The January aviation disposal involved AirAsia X issuing more than 2.3 billion new shares and assuming MYR3.8 billion (USD974.5 million) in debt previously owed by Capital A.
The transaction marked a critical step in Capital A’s effort to exit its Practice Note 17 financially distressed classification. A successful Nasdaq listing of AirAsia Next would represent another milestone in the group’s restructuring and capital markets strategy.
Related News: https://airguide.info/category/air-travel-business/airline-finance/
Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com