IndiGo launches India's largest IPO in 3 years

GMT 06:47 2015 Tuesday ,27 October

Arab Today, arab today IndiGo launches India's largest IPO in 3 years

India's largest carrier IndiGo
Mumbai - AFP

India's largest carrier IndiGo launched the country's biggest initial public offering (IPO) in three years on Tuesday, 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 700 rupees ($11) and 765 rupees 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.

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