InterGlobe Aviation Ltd, parent firm to IndiGo Airlines (6E, Delhi International), has been given the go-ahead by the Securities and Exchange Board of India (SEBI) to proceed with its planned IPO on the Mumbai Stock Exchange later this year.

The firm, in its prospectus issued earlier this year, said it planned to raise INR25 billion (USD376.9 million) through the sale of up to INR12.7 billion (USD191.46 million) worth of new shares, and the sale of up to 30.15 million of existing shares. Overall, approximately 12% of InterGlobe's stock will be put on the market.

Of the funds raised, INR11.6 billion (USD174.88 million) will be used to retire certain outstanding aircraft lease obligations, INR333.69 million (USD5.03 million) will be put towards the purchase of groundhandling equipment, while a yet-to-be-determined amount is to be used for general corporate purposes.

InterGlobe has appointed Citigroup, JPMorgan, Morgan Stanley, Barclays, UBS, and Kotak Mahindra as its managers for the IPO which is likely to go ahead next month.