‘Indigo plans $400 mn IPO’

Indigo,an Indian budget carrier,has hired four banks for an initial public offering to raise about $400 million,two sources with direct knowledge of the deal said.

The company has hired Citigroup,Credit Suisse,Morgan Stanley and UBS for the planned offering,the sources said.

The IPO plans are still in the initial stages and the company would list after about six months,they said. The sources declined to be named as they were not authorised to speak with the media.