01:20pm Indigo IPO: India's biggest carrier, IndiGo, is
preparing to file documents for a stock listing to raise USD 300 to USD 400
million, two sources with knowledge of the plans said, as it looks to cash in
on a booming air travel market.
IndiGo, owned by hospitality and travel company InterGlobe Enterprises, has
remained profitable in the last two years, avoiding much of the turbulence to
hit rival Indian carriers.
IndiGo has picked Citigroup, Kotak Investment Bank, Morgan Stanley and JP
Morgan as lead managers for the listing, with UBS and Barclays also involved,
the two sources said.
Indigo will file its draft prospectus by the end of May, two sources said.
The timing of the market debut itself, however, is not set, a separate source
said, and will depend on market conditions, reports Reuters.
The market extended losses in afternoon trade with the Nifty breaching
8300-mark for the first time since January 14 and the Sensex falling more than
200 points intraday amid consolidation. The broader markets underperformed
equity benchmarks; the BSE Midcap and Smallcap indices fell over 1 percent
each.
The Sensex slipped 102.13 points to 27355.45 and the Nifty declined 38.35
points to 8303.80.
Telecom stocks extended sell-off with the Bharti Airtel, Idea Cellular and
Reliance Communications falling 5 percent each, even though the regulatory
overhang got lifted with the conclusion of auctions. Investors remained
concerned about the spectrum payout impact on the companies' balance sheets.
Oil ministry sources indicated that upstream subsidy burden is likely to be
zero in the fourth quarter. The ministry sought Rs 5,000 crore as compensation
from Centre in Q4, but the finance ministry is yet to formally communicate its
decision on the subsidy sharing mechanism, say sources.
Globally, Asian markets remained mixed on geopolitical concerns. Japan's
Nikkei hit a two-week low due to weak inflation data. In commodities, Brent
crude slipped more than a percent to USD 58 a barrel as supply threat eased.
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