IndiGo’s parent InterGlobe Aviation has reduced its initial share sale size to a little over Rs 3,000 crore, with three of the promoters deciding to sell less number of shares than proposed earlier.

The operator of the profitable no—frills carrier would be hitting the capital market on October 27 and the price band for the offer has been fixed at Rs 700—765.

With three promoters —— Rakesh Gangwal, Shobha Gangwal and Chinkerpoo Family Trust —— deciding to offload less number of shares in the company, the IPO size has come down by Rs 250 crore to Rs 3,018 crore. On the basis of earlier proposal, the initial share sale could have fetched up to Rs 3,268 crore.

These figures are based on the upper price band of Rs 765 apiece.

InterGlobe today said the size of Offer for Sale by the promoters has been reduced to 22.82 million as against earlier plan to offload 26.11 million.

Rakesh Gangwal would now be selling only 2.74 million shares, lower than earlier plan to offload 3.76 million.

Another promoter Shobha Gangwal would sell only 1.17 million shares, revising down from 2.23 million shares.

Further, Chinkerpoo Family Trust (Trustees are Shobha Gangwal and JP Morgan Trust Company of Delaware) has reduced the number of shares to be sold to 2.42 million from the previous plan to offload 3.64 million shares, according to a public notice.

Now, the IPO comprises fresh issue of shares worth Rs 1,272.2 crore and the revised OFS size that would be about Rs 1,746 crore. Together, the share sale can rake in up to Rs 3,018.2 crore.

InterGlobe, the holding company of IndiGo, on Monday said it would retire Rs 1,166 crore out of its Rs 3,912—crore debt from the IPO proceeds.

Recently, the company declared an interim dividend of Rs 1,500 crore to the promoters.

IndiGo’s IPO would close on October 29.

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