SpiceJet raises Rs 3,000 crore through oversubscribed QIP

SpiceJet has raised Rs 3,000 crore via its recent Qualified Institutional Placement (QIP), which saw significant oversubscription and strong participation from numerous institutional investors. The QIP, which ran from September 16 to September 18, attracted confidence from domestic and global investors, including notable firms such as Goldman Sachs, Morgan Stanley, and BNP Paribas.

In addition to the funds raised through the QIP, SpiceJet is set to receive another Rs 736 crore from a previous funding round, strengthening its financial footing.

Ajay Singh, Chairman and Managing Director of SpiceJet, said, “We are thrilled with the success of our QIP. The strong response from investors and institutions is a testament to their faith in SpiceJet’s potential to rapidly scale and become a formidable player in India’s burgeoning aviation market. This fundraise marks a pivotal moment for SpiceJet as we look to scale new heights in the aviation industry.” 

He further added, “We are deeply grateful for the trust and support from our investors. Our commitment is to rebuild a world-class airline that India can be proud of. With this new capital, we are determined to paint the skies red once again. We extend our deepest gratitude to the Ministry of Civil Aviation, the regulators, and all those who supported us throughout this challenging journey. Their unwavering belief in our mission and the role we play in keeping competition alive in the Indian aviation market has been instrumental in our success.”

The raised capital will be allocated towards ungrounding the airline's fleet, acquiring new aircraft, enhancing technological capabilities, and expanding market reach. SpiceJet aims to improve operational efficiency and provide better connectivity for its passengers, reinforcing its position in a competitive industry landscape.