The Hindu Business Line : Jet Airways files IPO draft prospectus with SEBI

JET Airways has finally decided to go public. Kicking off the process, the airline on Friday filed its draft prospectus with the capital market regulator, the Securities and Exchange Board of India , for its IPO.

Jet Airways (India) Ltd intends to offer 172,66,801equity shares of Rs 10 each for cash at a price to be discovered through the book-building route.

Of the total offer, the company is making a fresh issue of 142,45,111 equity shares and the remaining 30,21,690 equity shares are an offer for sale by Tail Winds Ltd (TWL).

The offer would constitute 20 per cent of the fully diluted paid-up equity capital of the company, the airline said in a statement.

Jet Airways has reserved 1,200,000 equity shares for subscription by employees at the offer price.

The net offer to the public would be 16,066,801 equity shares.

Indications are that the IPO would hit the market during last week of February if there are no delays in obtaining the requisite regulatory approvals, sources said.

The lead book running managers for the issue are Deutsche Equities India, HSBC Securities and Capital Markets (India), UBS Securities India, Citigroup Global Markets India, DSP Merrill Lynch and Kotak Mahindra Capital Company.

The airline has been enjoying a market share of more than 40 per cent (in terms of number of passengers carried) between 2001 and 2002 till August last year.

While the market share in terms of number of passengers carried was 48 per cent in 2001-02, it touched 48.4 per cent the next year and stood at 43.4 per cent as of August 2004.

Since its inception in May 1993 and till the end of December last year, the airline had flown over 48.8 million passengers.

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