GVK Power & Infrastructure is likely to file a draft prospectus for up to $250 million initial public offer (IPO) of its airport unit soon, said four sources involved in the process.
The unit, GVK Airport Developers Pvt Ltd., operates airports in Mumbai and Bengaluru. It is also developing airports at Bali and Yogyakarta in Indonesia, according to its website.
GVK is seeking to benefit from surging travel. Passenger traffic in airports was up 11 per cent during April-December 2014, compared with a year earlier, according to data from the Airports Authority of India.
“I can’t tell you the timing for sure, but we are working to file for the GVK Airport’s IPO ASAP (as soon as possible),” said one of the sources.
GVK had mandated Citigroup, Bank of America-Merrill Lynch, Axis Capital and JM Financial Services to manage the IPO, the sources added.
