Indigo IPO oversubscribed by 4.95 times on Day 3

The Rs.3,018 crore initial public offer (IPO) of air-carrier Indigo's parent company InterGlobe Aviation (IGA) -- the biggest in nearly three years - marked an over-subscription by 4.95 times on the last day of the three-day issue.

According to data from the National Stock Exchange (NSE), at around 5.15 p.m., against the 3,01,22,088 shares on offer, 14,90,81,130 bids were received.

The qualified institutional buyers (QIB) segment led the high demand over-subscribing the 85,22,935 shares allotted in the category by 1,596 percent at 13,60,55,610 bids. Foreign institutional investors comprised 82.2 percent of the total bids submitted.

Demand also remained strong for the 58,19,746 shares allotted for the non-institutional investors where the issue was over-subscribed by 1.55 times at 90,01,035 bids. Individual investors led the category comprising 60.91 percent of the entire bidding in the segment.

Like the previous two days, weak demand prevailed amidst the retail individual investors where only 27.93 percent shares among the 1,35,79,407 odd allotted received bids.

Bidding in the employee category also remained subdued as only 2,31,510 bids at 0.11 times of the total issues of 22,00,000 shares were received.

On the second day of the IPO itself, the issue received widespread attention as it got over-subscription by 1.09 times.

The company has already raised Rs.832 crore from anchor investors after allotting shares at the upper price band of Rs.765 apiece.

With a face value of Rs.10 per share, the price band for the shares has been fixed between Rs.700 to Rs.765.

Barclays Bank PLC, Kotak Mahindra Capital Company and UBS Securities India were the managers for the issue with Citigroup Global Markets India, J.P. Morgan India and Morgan Stanley India acting as the global coordinators.

The fleet size of IndiGo comprises of 98 aircrafts, of which about 75 have been taken on lease.