SpiceJet’s stock has soared 100% over the past year, more than doubling investors’ money, while the Sensex has risen just 28%. On September 23, shares jumped by up to 10% after the airline raised ₹3,000 crore by selling shares to qualified institutional buyers (QIBs), giving a much-needed boost to the struggling low-cost carrier.
The airline announced it received the green light to raise funds through a postal ballot on September 13, with an impressive 99.8% approval rate. SpiceJet had previously disclosed plans to raise ₹2,500 crore via a Qualified Institutional Placement (QIP) and an additional ₹736 crore from previous warrants and contributions from promoters.
Foreign investors like Societe Generale – ODI, Goldman Sachs (Singapore) Pte – ODI, Discovery Global Opportunity (Mauritius) Ltd, Authum Infrastructure and Investment, and Troo Capital have secured shares in the airline’s oversubscribed Qualified Institutional Placement (QIP).
