Indian budget airline IndiGo has announced plans to conduct an initial share offering this week – India’s largest share offering since 2012.

IndiGo, India’s largest domestic airline, is aiming to raise around 32.68 billion rupees (£325.6m) by listing on the Bombay Stock Exchange and the National Stock Exchange of India. The public offer is set to open on Tuesday, closing on 29 October and is already subscribed nearly 80 per cent.

In a statement, the company’s president Aditya Ghosh told NDTV:

“An IPO or listing gives you one more stamp of approval because with IndiGo one thing I have got used to is people doubting what we are doing. An IPO is a milestone. Being a listed company also makes sure we don’t get complacent.”

IndiGo has a net debt of Rs 3,912 crore, all of which stems from a recemt order for 430 aircraft from Airbus. IndiGo plans to use the proceeds to retire Rs 1,166 crore of debt, while the remaining amount will be used to fuel expansion, the company said. IndiGo has 430 aircraft on order from Airbus.

IndiGo, founded in 2006, has been the only consistently profitable airline in the country for the last seven years, with international destinations including Singapore, Dubai and Bangkok.