IndiGo eyes IPO to raise up to Rs 2000 crore

NEW DELHI: Leading domestic budget carrier IndiGo is likely to go public with the largest initial public offering (IPO) that the Indian aviation industry has seen so far. The privately-held company is learnt to be looking at raising anywhere between Rs 1,500 and 2,000 crore. While the company has so far denied any move to go public, it does not rule out the same now.

"Every year bankers come and talk to us and we consider various options. This year is no different. We have some banks working on it. But no decision has been made yet," IndiGo president Aditya Ghosh said.

The airline is learnt to have appointed some bankers like Morgan Stanley, Credit Suisse and Citi for this task.

Sources said the company is looking to raise some funds for expansion plans and the promoter will retain majority stake like Naresh Goyal still has in Jet. Currently, only three airlines are listed on BSE Jet, Kingfisher and SpiceJet.

Being unlisted, the company's financials are not in public domain but the airline is learnt to have made a net profit of Rs 400 crore in the fiscal 2009-10. With an order of 100 Airbus A-320s, IndiGo currently has a fleet of 25 aircraft, a number that will go up to 34 by this year-end. Among domestic low cost carriers, IndiGo has the highest market share.