Thai AirAsia was incorporated on September 19, 2003 to operate a low-cost carrier business with a registered capital of Baht 400,000,000. It is a joint venture between Asia Aviation, who held 51% shareholding in Thai Asia(Pre-IPO), and AirAsia Investment (AAI), who held 49%.AAI is a holding company wholly owned by AirAsia Berhad (AAB). AAB is a listed company in Bursa Malaysia who operates a low cost carrier AirAsia in Malaysia.
On 29 May 2012, Thai AirAsia has increased its registered capital to Baht 435,555,600, being the common shares of 43,555,560 shares at the par value of Baht 10 per share. Asia Aviation has subscribed the newly issued shares, raising its shareholding to 55% while AAI was diluted to 45%.