The public offer of InterGlobe Aviation, the biggest IPO in nearly three years, elicited robust response as the issue got over-subscribed 6.15 times. (Reuters)
IndiGo’s parent InterGlobe Aviation has raised Rs 3,008.5 crore at the issue price of Rs 765 per share from its recently concluded over-subscribed IPO.
The public issue closed on October 29 after three days of bidding in a price band of Rs 700-765. The company has now fixed the issue price at Rs 765 per share, the upper end of the price band.
The public offer of InterGlobe Aviation, the biggest IPO in nearly three years, elicited robust response as the issue got over-subscribed 6.15 times.
The quota reserved for qualified institutional buyers (QIBs) saw tremendous response with over-subscription of 17.80 times.
Non-institutional investors category was over-subscribed 3.57 times.
In contrast, the portion set aside for retail investors witnessed 92 per cent subscription, while the employees category was subscribed 13 per cent.
This is the biggest IPO in the Indian market since Bharti Infratel’s over Rs 4,000-crore public offer in December, 2012.
In its prospectus, the company said the public issue of 39,546,814 equity shares for cash at the issue price of Rs 765, aggregating Rs 3,008.5 crore.
The public issue of 39,546,814 equity shares at a price of Rs 765 for cash, consisting of a fresh issue of 16,722,796 equity shares aggregating to Rs 1,272 crore by our company and an offer for sale of 22,824,018 equity shares by the selling shareholders aggregating to Rs 1,736 crore, it said.
The issue would constitute 11.0 per cent of the post-issue paid-up capital of the company.
InterGlobe Aviation has raised Rs 832 crore from anchor investors by allotting shares at the upper limit of price band at Rs 765 apiece.
The book running lead managers to the issue were Barclays, Kotak and UBS.
IndiGo has a fleet of 98 aircraft and about 75 of them are on operating lease – a business model which has helped it lower costs.
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