IndiGo launches India's largest IPO in three years
NEW DEHLI: India’s largest carrier IndiGo launched the country’s biggest initial public offering (IPO) in three years on Tuesday.
The company seeking to raise $460 million to extend its dominance of the budget airline sector, IndiGo, India’s only consistently profitable airline, is selling shares at between Rs 700 ($11) and Rs 765 each and plans to use the money raised to expand operations and trim debt.
The share sale will run for three days and is the largest in India since December 2012, when telecom infrastructure provider Bharti Infratel raised 41.7 billion rupees, equivalent to $638 million today.
IndiGo’s flotation comes two weeks after Cafe Coffee Day raised $176 million in a share offering as India’s long-suffering IPO market enjoys a mini-resurgence