MUMBAI, July 16 Indian budget airline IndiGo has
picked six lead managers for its initial public offering, which
could be worth up to $400 million, three people involved in the
The carrier will be listed in Mumbai early next year
depending on market conditions, said the sources, who declined
to be named as the process is not public yet.
IndiGo, which is owned by InterGlobe Enterprises, whose
interests cover aviation, hospitality and travel-related
services, has picked Citigroup, Morgan Stanley and
Deutsche Bank to manage the issue, along with
Standard Chartered, JPMorgan Chase and India's
Kotak Mahindra Bank, the sources said.
An IndiGo spokeswoman declined to comment.
The carrier plans to use the proceeds to expand its fleet
and services in the highly competitive local aviation sector,
the sources said.
IndiGo says it makes a profit in a market where most other
carriers are losing money due to high fuel costs and taxes.
Indian airlines lost a combined $1.3 billion in the year to
March, as per estimates by the consultancy Centre for Asia
Last month, Malaysia-based carrier AirAsia Bhd's
Indian joint venture became the seventh operational carrier in
India, while Singapore Airlines' joint venture in
India is likely to start flying this year, increasing
IndiGo's rival SpiceJet Ltd said in May it was in
"advanced" talks to get funding, after reporting its biggest
annual loss since it started flying.
(Reporting by Sumeet Chatterjee, Tommy Wilkes and Devidutta
Tripathy; Editing by Susan Fenton)