AirAsia X, AirAsia Bhd.'s long-haul subsidiary, announced that it has defied odds and successfully gained an amount close to $308 million in a share sale held in Kuala Lumpur. AirAsia is the largest budget airline in the region.

The carrier sold its shares for 1.25 ringgit per share. The same pricing was utilized for institution and individual buyers, according to a stock exchange filing in Kuala Lumpur today. AirAsia X, based in Sepang, Malaysia, had marketed its shares to institutional investors on a price range of 1.15 ringgit to 1.45 ringgit per share.

The initial public offering of the budget carrier survived an otherwise disastrous result due to the United States Federal Reserve's plan to reduce stimulus. China's weakening economy added to the risk of the IPO. The MSCI Asia Pacific Index dived yesterday, and is now in its lowest level in almost half a year.

AirAsia has doubled its offer price since its listing in Malaysia in November 2004.