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 upstreamsubsidy 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. More information please visit this site www.appsmine.org
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