When the operator of India's largest airline IndiGo set in motion its long-awaited initial public offering (IPO), it likely thought investors would focus on its ability to churn out profits in a market in which many rivals have stumbled.
Instead, much of the attention has turned to the rather hefty dividends that have been paid out to promoters in recent years.
The near $500 million flotation from InterGlobe Aviation - IndiGo's parent company - shows that it had a negative net worth of 1.39 billion rupees ($21.41 million) as of June 30, while profits in the June quarter stood at 6.4 billion rupees.
That's a bit surprising for a company that has consistently cranked out profits. The likely reason behind the negative net worth is the sharp increase in dividends to promoters.