Vietnam’s LCC Vietjet Air (Vietjet) is expecting to raise around $170 million in an initial public offering (IPO), which will value the airline at $1.2 billion. The airline will be listed on the Ho Chi Minh Stock Exchange in February 2016.

44.7 million shares will be sold below the middle of their marketed range at between VND75,900 and VND98,400 (USD3.34 to USD4.32), according to sources near to the LCC quoted by Reuters.

Vietjet now operates fleet of 40 A320 and A321 airplanes.

The airline is now 95% owned by Vietnamese Nguyen Thi Phuong Thao who established the LCC in 2007. The airline had its launch in December 2011 and became the only private airline in Vietnam.

Vietjet now operates a strong fleet of 40 Airbus A320 family aircraft. It serves 23 domestic and 10 international destinations.