The founders of Malaysia’s AirAsia are expected to launch a US$ 65 million initial public offering (IPO) of Tune Insurance Bhd by the end of February, two sources close to the deal told Reuters.

The flotation would be the first of three IPOs due to raise a combined US$ 500 million that Tony Fernandes and Kamarudin Meranun, founders of Asia’s largest budget carrier, are planning this year.

“An investor road show will begin towards the end of this month,” one of the sources said, declining to be named as the matter is still private.