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Sunday, January 22, 2006

Air Deccan IPO in first quarter this year: Gopinath

Budget carrier Air Deccan yesterday said it would come up with its initial public offer, IPO, in the first quarter of this year to fund the airline's expansion plans, report agencies.

The airline will take a decision this week about the percentage of equity to be diluted and the size of the offer, Air Deccan Managing Director G R Gopinath said.

"We are trying to do it (IPO) in the first quarter of this year... perhaps in March or April... In a week, we will decide on what per cent of stake to be diluted and what should be the size of the issue," he said.

Air Deccan has already appointed JP Morgan, Enam Financial Consultants, ICICI securities and SBI Capital Market as book running lead managers to the issue.

However, he allayed fears that the airline would dilute stake to private players prior to the IPO.

The proceeds of the offer will be used to partly fund the expansion plans.

The airline recently placed an order with Airbus Industries to acquire 30 brand new Airbus A320s at a list price of US 1.5 billion. The airline, at present, has a fleet of 24 Aircraft comprising eight Airbus A320 and ATRs.

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