IndiGo soars, lists 12% up at Rs 856 per share

Shares of Interglobe Aviation, the company that operates IndiGo airlines, made its debut today, listing at Rs 856, up 12 per cent. 

Interglobe had fixed the issue price at Rs 765 per share.

At 10:02 AM, the stock was trading at Rs 876, after hitting a high of Rs 883 post the listing. Around one million shares have changed hands on the counter so far.

The company had raised Rs 3,009 crore though the initial public offering (IPO), which subscribed a little over six times. It fixed the IPO price at the upper end of a price range of Rs 700 to Rs 765 per share.
 

The 30-million share offering saw nearly 185 million bids, worth about Rs 14,000 crore. About 70% of the offering, or 127 million bids, came from foreign institutional investors (FIIs).
 

The company proposed to use the proceeds of IPO for retirement of debt related to the acquisition of aircrafts and purchase of ground support equipment for airline operations.
 

InterGlobe Aviation (Indigo) is India's largest aviation player with a market share of 37.4% as on August 2015 and the seventh largest low cost carrier globally.