Bamboo Airways, a subsidiary of real estate developer FLC Group, is planning to issue an initial public offering (IPO) in 2020 to serve its expansion plans.

Bamboo Airways is planning to issue an initial public offering (IPO)
in 2020 to serve its expansion plans

Chairman and CEO of Bamboo Airways Trinh Van Quyet said it is expected to raise about 100 million USD, which will help Bamboo Airways expand its fleet, targeting to occupy 30 percent of the market share next year.

Currently, the airline holds about 10 percent market share of Vietnam’s aviation market. It operates 10 aircraft on 25 domestic and international routes.

Bamboo Airways will also list shares next year after the IPO, however, Quyet said he has not decided on a bourse yet.

In August this year, Prime Minister Nguyen Xuan Phuc allowed the carrier to increase its fleet to 30 aircraft by 2023, including both narrow-body and wide-body aircraft.