PT Indonesia Airasia is planning to sell 25% to 30% of its stake via an initial public offering (IPO) towards the end of this year to fund business expansion, group Chief Executive Officer, Tony Fernandes said on August 7, 2017. He said the company plans to appoint foreign and local underwriters for the share sale. "We see that the IPO depends on market conditions, but we aim to undertake it for faster business growth and to increase the number of tourists coming to Indonesia," Fernandes said. "We see that the IPO depends on market conditions, but we aim to undertake it for faster business growth and to increase the number of tourists coming to Indonesia," Fernandes said. Proceeds from the share sale will be used to fund route expansion and to enlarge the airline's fleet, he said.