Nov. 30, 2012 (China Knowledge) - Spring Airlines Co Ltd, a low-cost airline based in Shanghai
, expected to obtain approval to launch its initial public offering in Shanghai in the first half of 2013, said Wang Zhenghua, president of Spring Airlines.
The air carrier mulls to raise over RMB 1 billion via the IPO, and the proceeds from the IPO will be used to purchase aircraft for more flights, Wang added.
Earlier this year, Spring Airlines has submitted an application to the China Securities Regulatory Commission to launch its IPO after shelving the plans three years ago due to unstable market.
Spring Airlines is expected to become the first privately-owned Chinese airline to enter the capital market, following state-owned Air China Ltd<601111
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At present, Spring Airlines owns 33 Airbus A320 aircrafts and provide service in more than 50 Asia cities. The company predicts its profit will keep a double-digit growth this year.