The operator of top Indian airline IndiGo has set the indicative price band for its initial public offering of shares at between Rs 700- 765 apiece, three sources directly involved in the transaction said.
At the top end of the price band, the offering by InterGlobe Aviation Ltd will raise as much as Rs 3,315 crore ($ 510 million) and value the company at about Rs 27,300 crore or $ 4.2 billion, said the sources, who declined to be named as the information is not public yet.
The low-cost airline’s IPO will open on October 27 and close on October 29, according to the company’s share sale prospectus issued on Friday. The portion for IPO cornerstone investors will open on October 26, said the sources.
A spokeswoman for IndiGo did not immediately respond to a request for comment.