InterGlobe Aviation shares make stellar debut; surge 12%

Mumbai: Shares of IndiGo's parent InterGlobe Aviation today debuted at Rs 856, a premium of nearly 12 per cent over the issue price of Rs 765 per share.

The stock listed at Rs 856, reflecting a gain of 11.89 per cent as compared to the issue price on BSE. It touched a high of Rs 898, a sharp gain of 17.38 per cent.

At NSE, shares of the company opened at Rs 855.80, a surge of 11.86 per cent from the issue price.

The company commands a market valuation of Rs 31,702.37 crore.

The company's IPO, the biggest in nearly three years, had elicited robust response as the issue got over-subscribed 6.15 times last month.

This was the biggest IPO in the Indian market since Bharti Infratel's over Rs 4,000-crore public offer in December, 2012.

InterGlobe has raised Rs 3,008.5 crore at issue price of Rs 765 per share from its recently concluded, over-subscribed initial public offer (IPO).

The IPO, which was available for subscription from October 27-29, was in the price band of Rs 700-765 a share.

In the public offer, qualified institutional buyers (QIBs) category was over-subscribed 17.80 times, while the portion for non institutional investors saw 3.57 times subscription.

The category set aside for retail investors was subscribed 92 per cent.

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.