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IndiGo has a fleet of 98 aircraft and about 75 of them are on operating lease.
IndiGo's parent InterGlobe Aviation's Rs 3,018 crore (Rs 30.18 billion) initial public offer, the biggest in nearly three years, was over-subscribed by 1.06 times till afternoon on the second day of the issue today.
The IPO received bids for 3,20,48,760 shares against the total issue size of 3,01,22,088 shares, data available with the National Stock Exchange till 1300 hours showed.
The quota reserved for qualified institutional buyers (QIBs) was over-subscribed 3.59 times, sources said.
The portion reserved for retail investors saw 9 per cent subscription and non-institutional investors category was subscribed 2 per cent.
InterGlobe Aviation has already raised Rs 832 crore (Rs 8.32 billion) from anchor investors by allotting shares at the upper price band of Rs 765 apiece. The offer has been fixed at Rs 700-765 per share.
The company had reduced its initial share sale size to a little over Rs 3,018 crore (Rs 30.18 billion) 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 (Rs 12.72 billion) and the revised Offer for Sale (OFS) size that would be about Rs 1,746 crore (Rs 17.46 billion). Together, the share sale can rake in up to Rs 3,018.2 crore.
The IPO would close on Thursday. 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.