Jeju Air Inc said it would look into an initial public offering (IPO) to increase its fleet as travel demand rose in the Asia-Pacific. Jeju Air Chief Executive Officer Choi Kyu Nam said they intend to boost the number of their planes by three aircrafts annually until 2016. A budget carrier, Jeju flies in domestic destinations in South Korea and in destinations abroad, including Bangkok and Hong Kong.

In an interview with Bloomberg, Choi said he hopes the IPO would happen soon. He added, however, that the move would not happen this year. He did not disclose how much they plan to raise in the IPO.

Other low-cost airlines in Asia-Pacific region had already made similar proclamations about going public. Last month, VietJet Aviation Joint Stock Co said it could conduct an IPO in 18 to 42 months. AirAsia also said its Indonesian unit could also hold an IPO in the fourth quarter of this year. Tony Fernandes, Group Chief Executive Officer, made the announcement last month.