SpiceJet raises ₹3000 cr through QIP; to receive additional ₹736 cr
SpiceJet informed that the fresh capital raised would be instrumental in ungrounding its fleet, acquiring new aircraft, investing in technology and expanding into new markets.
Indian airline SpiceJet has raised ₹3000 crore through its recently concluded Qualified Institutional Placement (QIP), which investors significantly oversubscribed.
SpiceJet informed that the fresh capital raised would be instrumental in ungrounding its fleet, acquiring new aircraft, investing in technology and expanding into new markets.
In its plan to attract investors, SpiceJet had already communicated its intention to unground 28 of its 36 grounded aircraft, including two freighters, according to ch-aviation.
The company plans to unground three B737-700s, two B737-700 (BDSF)s, four B737-800s, three B737-900s, three B737-8s, and thirteen DHC-8-Q400s.
“The QIP, which opened on September 16 and closed on September 18, attracted a diverse pool of top-tier institutional investors and mutual funds.
Global investors including Goldman Sachs (Singapore), Morgan Stanley Asia, BNP Paribas Financial Markets ODI, Nomura Singapore Limited ODI, Tata Mutual Fund, Discovery Global Opportunity Ltd, Societe Generale ODI, Authum Investment and Infrastructure Limited, Bandhan Infrastructure Fund, White Oak, Carnelian Bharat Amrikaal Fund, 360 ONE Equal Opportunity Fund and The Jupiter Global Fund participated in the QIP.
In addition to the ₹3,000 crore raised through its QIP, SpiceJet will also receive an additional ₹736 crore from the previous funding round.
Ajay Singh, Chairman and Managing Director of SpiceJet, said, “We are thrilled with the success of our QIP. The strong response from investors and institutions is a testament to their faith in SpiceJet’s potential to rapidly scale and become a formidable player in India’s burgeoning aviation market. This fundraise marks a pivotal moment for SpiceJet as we look to scale new heights in the aviation industry.”
“We are deeply grateful for the trust and support from our investors. Our commitment is to rebuild a world-class airline that India can be proud of. With this new capital, we are determined to paint the skies red once again.”
“We extend our deepest gratitude to the Ministry of Civil Aviation, the regulators, and all those who supported us throughout this challenging journey. Their unwavering belief in our mission and the role we play in keeping competition alive in the Indian aviation market has been instrumental in our success.”
“I want to take a moment to express my deepest gratitude to each and every one of our strong people whose unwavering grit, resilience, and dedication have been the backbone of our journey through challenging times. It is because of their tireless efforts and unbreakable spirit that we have reached a monumental milestone—securing a funding of ₹3000 crore.”
