The Indian arm of Canadian investment group Fairfax Financial Holdings Ltd. is working with an adviser on the potential listing that could take place as soon as next year, the people said. Fairfax India holds a majority stake in the owner of Kempegowda International Airport, Bengaluru, located in the southern Indian city also known as Bangalore.
The Mumbai offering may raise between 30 billion rupees and 40 billion rupees, they said, asking not to be identified as the information is private. The IPO may consist of about 75% primary shares and the rest in existing shares, one of the people said.
Deliberations are ongoing, details of the listing could change and Fairfax could decide not to proceed with a share sale, the people said. A representative for BIAL couldn’t immediately comment, while Fairfax didn’t immediately respond to calls and emails requesting comment.
Fairfax India owns a 54% interest in BIAL as it built up its shareholding after acquiring its initial stake in 2017. It counts Siemens Projects Ventures and governments among its minority investors, its website shows.
Launched in 2008, BLR Airport has been visited by more than 250 million passengers as of June this year, according to a recent press release. The airport serves 61 domestic and 14 international destinations, the website shows.
