InterGlobe Aviation, which owns the country's biggest airline IndiGo, on Tuesday filed a draft prospectus for an initial public offering (IPO) to list on the domestic stock market and cash in on a booming air travel market.
InterGlobe Aviation said in a statement the IPO would include a sale of up to 12.7 billion rupees ($199.64 million) of new shares, and the sale of up to 30.15 million of existing shares.
Banking sources have previously said the share sale is expected to raise around $400 million in total.
Those selling existing shares include travel entrepreneur Rahul Bhatia and former U.S. Airways CEO Rakesh Gangwal, who co-founded IndiGo back in 2006, according to the draft prospectus.
Budget carrier IndiGo, which operates a fleet of 96 planes, has grown to become India's biggest airline by market share and now carries one in three of India's air travelers.