InterGlobe Aviation Ltd., owner of India’s biggest carrier IndiGo, seeks to raise as much as 32.68 billion rupees ($500 million) in an initial public offering, the company said in a newspaper advertisement.

The Mumbai-based company plans to offer shares at 700 rupees to 765 rupees apiece, according to an advertisement in The Financial Express Saturday. The offering will start Oct. 27.

Low fares and economic growth that boosted incomes over the past decade helped IndiGo find first-time flyers and become the biggest airline in the world’s second-most populous nation. The share sale will be India’s largest IPO since September 2012, when Bharti Infratel Ltd. raised 40.8 billion rupees, data compiled by Bloomberg show.

The offering, which will close on Oct. 29, would value InterGlobe at about $4.2 billion at the top end of the marketed range.

InterGlobe will sell as much as 12.72 billion rupees worth of new shares in the deal, while existing investors are offering as many as 26.1 million shares, according to the company’s red herring prospectus.

Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley are leading the offering. Barclays Plc, Kotak Mahindra Bank Ltd. and UBS Group AG are also working on the share sale.

With assistance from Anto Antony in Mumbai.

This article was written by George Smith Alexander from Bloomberg and was legally licensed through the NewsCred publisher network.

Tags: india, indigo
Photo Credit: The IndiGo check-in desk at Kolkata Airport. Michael Coghlan / Flickr.com