IndiGo eyes IPO

MUMBAI: The operator of top Indian airline IndiGo is looking to raise up to $510 million in its initial public offering (IPO), according to sources, betting on an improved financial outlook helped by lower oil prices and surging passenger growth.

That figure is higher than previously expected; bankers said in the summer that the company was expected to raise up to $400 million, but its valuations have since been bolstered after it reported a big rise in annual profits.

InterGlobe Aviation, which operates the low-cost airline, has set the indicative price band for the IPO at between INR 700 and 765 per share.