InterGlobe Aviation Rs 3,018-cr IPO over-subscribed 3.63 times

Mumbai: In the biggest IPO in nearly three years, the Rs 3,018-crore public offer of IndiGo's parent InterGlobe Aviation was over-subscribed by 3.63 times till late afternoon trade on the last of bidding today.

The IPO received bids for 10,94,61,435 shares against the total issue size of 3,01,22,088 shares, data available with the NSE till 1400 hours showed.

The quota reserved for qualified institutional buyers (QIBs) saw tremendous response with over-subscription of 11.92 times, sources said.

The portion reserved for retail investors witnessed 51 percent subscription and non-institutional investors category was subscribed 14 percent.

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

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 offer invites subscription in the price band of Rs 700-765 per share.

The company had reduced its initial share sale size to a little over Rs 3,018 crore last week, with three of the promoters deciding to sell less number of shares than proposed earlier.

The offer comprises fresh issue of shares worth Rs 1,272.2 crore and the revised Offer for Sale (OFS) size that would be about Rs 1,746 crore.

The IPO closes today.

Barclays Bank PLC, Kotak Mahindra Capital Company Limited and UBS Securities India are managing the issue.

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.