AirAsia X, a subsidiary of Kuala Lumpur-based AirAsia Bhd., raised $310 million in an initial public offering on BursaMalaysia.

The long-haul budget airline has routes to Australia, China, India, Europe and the Middle East, and will use the funds to help finance the expansion of its fleet and set up new hubs. It also plans to pay down debt and boost working capital reserves.

Pillsbury corporate and securities partners David Lillevand and Woon-Wah Siu advised AirAsia X as U.S. counsel.