Air Deccan to float IPO of 24.5 mn shares

Updated on Jan 28, 2006 03:48 PM IST

No details were given on timing and pricing, but said the price discovery would be through book building route.

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None | ByReuters, New Delhi

Air Deccan Ltd India's first low-cost carrier, will soon make an initial public offering of 24.546 million shares to fund expansion plans and tap growth in a soaring market.

"The plans include setting up a training centre, a hangar facility and creating infrastructure," Deccan Aviation Ltd, the owner of Air Deccan, said in a statement late on Friday.

"The issue will constitute 25 per cent of the fully diluted post issue capital."

It gave no other details on timing and pricing, but said the price discovery would be through book building route. Late last year, the carrier had said it plans to raise $250 million through a public offer.

Air Deccan, which began services in August 2003 with a single turboprop aircraft, has a fleet of 23 planes and has carried more than 2.7 million passengers.

In December, it placed an order for 30 Airbus A320s at a list price of $1.5 billion.

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