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IndiGo Operator Rises as Much as 18% in Mumbai Debut

  • Operator InterGlobe raises $450 million; shares surge 15%
  • Southwest-style budget carrier seen focused on cost controls
An IndiGo aircraft taxies at Chhatrapati Shivaji International Airport in Mumbai. The firm that runs IndiGo rose as much as 18 percent in its trading debut.

An IndiGo aircraft taxies at Chhatrapati Shivaji International Airport in Mumbai. The firm that runs IndiGo rose as much as 18 percent in its trading debut.

Photographer: Dhiraj Singh/Bloomberg
Updated on

India’s nine-year drought for airline initial public offerings ended as investors snapped up shares of the operator of IndiGo, one of only two local carriers that make money.

InterGlobe Aviation Ltd. and existing investors raised about 30 billion rupees ($450 million) after pricing the IPO at the top end of a marketed range. The shares surged 15 percent to 877.25 rupees in Mumbai, compared with an offering price of 765 rupees.