IndiGo to list shares tomorrow

InterGlobe Aviation, which runs no-frills carrier IndiGo, will list its shares on the stock exchanges on Tuesday.

The equity shares would be listed on the National Stock Exchange as well as Bombay Stock Exchange.

The company has raised Rs 3,008.5 crore (Rs 30.08 billion) at issue price of Rs 765 per share from its recently concluded, over-subscribed initial public offering.

This was the biggest IPO in the Indian market since Bharti Infratel's over Rs 4,000-crore (Rs 40-billion) public offer in December, 2012.

Coffee Day Enterprises, which runs Cafe Coffee Day outlet, got listed on the exchanges on November 2.

The company is currently trading at Rs 272.30, way below its issue price of Rs 328.

The company's Rs 1,150-crore (Rs 11.5-billion) initial share-sale programme was the biggest in nearly three years when it hit the market, but now it has been overtaken by Indigo's IPO.

In InterGlobe Aviation's IPO non-institutional investors category was subscribed 3.57 times.

In contrast, the portion set aside for retail investors witnessed 92 per cent subscription, while the employees category was subscribed 13 per cent.

The IPO, which opened for subscription from October 27-29, was subscribed 6.15 times at price band of Rs 700-765 a share.

InterGlobe Aviation, the parent company of IndiGo, had raised Rs 832 crore (Rs 8.32 billion) from anchor investors before its public offering.

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.

Apart from Coffee Day Enterprises, shares of several companies which got listed on the exchanges this year are trading below their respective issue prices.

Those firms are Adlabs Entertainment, Monte Carlo, MEP Infrastructure Developers, UFO Moviez India, Pennar Engineered Building Systems and Power Mech Projects.

In contrast, shares of Snowman Logistics, VRL Logistics, Syngene International, Sharda Cropchem, Manpasand Beverages, Shemaroo Entertainment, PNC Infratech, Prabhat Dairy, Shree Pushkar Chemicals & Fertilisers, Inox Wind have rewarded their investors with positive returns.