InterGlobe eyes $617m share sale to make free-float target

The operator of India’s largest airline is seeking to raise more than it did via its IPO less than two years ago, with Air India's international operations still on its wish list.

IndiGo Airlines parent InterGlobe Aviation is aiming to raise as much as Rp39.5 billion $617 million on Friday by placing shares with institutional investors in what is set to become Asia's biggest-ever share sale by a budget airline less than two years after the company floated.

Indicative terms show the operator of India’s largest low-cost carrier, which needs to sell the shares to meet India's minimum free-float requirements, will offer up to 22.4 million new shares plus another 11.2 million shares held by the firm's senior executives.

In total, the shares on sale equate to about 10% of InterGlobe Aviation’s enlarged share capital, which...

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