Tiger Airways chief executive Tony Davies said last week that the airline is readying itself for flotation and will be primed to list by the end of the year. The move will enable it to raise the substantial funds needed to buy more aircraft to pursue aggressive expansion in Asia region and beyond.

The Ryan family acquired a 16% stake in Tiger Airways via their Irelandia investment vehicle in 2003. Other investors include Ryanair chairman David Bonderman, through a partnership called Indigo Partners, which has a 24% stake. The cost of their investments at the time was not revealed.

Singapore Airlines owns 49% of Tiger Airways, while Temasek, Singapore's stateowned investment company, holds 11%.

Since its launch in 2004, Tiger Airways has boosted the number of aircraft in its fleet to nine and has an additional 11 planes on order, with deliveries slated to begin later this year.

Late last year Tiger Airways said it flew 71% more passengers in the quarter ended last September as it expanded its route network and capacity increased by 54%. It also signed a major marketing agreement with Philippine carrier South East Asian Airlines to allow for further route expansion from February, with flights operating from a former US airforce base in the Philippines.

Tiger Airways already flies to destinations in Thailand, Australia, China, Indonesia, Malaysia and Vietnam. The airline has indicated in the past that it wants to have up to five international hubs. Davies said the carrier will announce a major new strategic venture within the next few weeks.

Tiger Airways is among a number of low-cost carriers that have been established in the Asian region over the past few years. The biggest is AirAsia, in which Conor McCarthy, Ryanair's former director of operations, retains a small stake as non-executive director and consultant. It plans to carry 16 million passengers this year. It recently placed a Euro4.5bn order with Airbus to buy 50 aircraft and take options on another 50.

Ryanair founder Tony Ryan has also invested in Mexican low-fares carrier Aerobus, for which McCarthy is also acting as consultant and in which he also has a 5% stake. Ryan invested roughly Euro40m in the venture.

The Ryans also scooped almost Euro5m from the recent flotation of Las Vegas-based airline Allegiant Air. They hold just over 5% of the carrier, currently valued at almost Euro24m.