IndiGo had previously stated that it would seek $200 million through the initial public offering (IPO). But recently, InterGlobe Aviation, owner of India's biggest carrier IndiGo, wants to raise as much as Rs32.68 billion ($500 million) in an initial public offering (IPO).

India's IndiGo desires to increase up to $500 million in a share sale next week that will help fund expansion, its president Aditya Ghosh claimed on Monday. And although IndiGo had previously stated that it would seek $200 million through the initial public offering (IPO), Ghosh wants a bigger share as he wants to extend the carrier's dominance of India's budget airline market. "There is huge opportunity in India due to very limited supply and rising demand," Ghosh told reporters in Mumbai, announcing that the IPO would open to the public on October 27.

Low fares and economic growth that heightened incomes over the past decade aided the aviation company to search out first-time flyers and become the biggest airline in India. The share sale will be India's largest IPO since September 2012, when Bharti Infratel Ltd. raised 40.8 billion rupees, as reported by Bloomberg.

According to Dailymail UK, the Indian budget carrier first started off in 2006 and quickly became India's largest carrier. It was taking in nearly one-third share of the domestic air market as tens of millions of increasingly well-off citizens take pleasure in of the cheap air travel. Boosted demand over the past years has  also fuelled a price war among Indian airlines. This also increased with rising fuel costs, which has sent most domestic carriers disadvantageous.

However, IndiGo reared the trend thanks to its no-frills advancement and new fuel-efficient aircraft. It is even considered as the only Indian carrier to have consistently reported profits in the previous years. "We have a simple model and we intend to keep it. There is no need to complicate things with frequent flyer programme or lounges," Ghosh mentioned.

Times of Oman claimed that the offering will close on October 29. This would allegedly value InterGlobe at about $4.2 billion at the top end of the marketed array. InterGlobe is set to sell as much as 12.72 billion rupees worth of new shares in the deals as the remaining investors are proffering as many as 26.1 million shares, according to the company's red herring prospectus.

Meanwhile, the Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley are leading the offering. Barclays Plc, Kotak Mahindra Bank Ltd. and UBS Group AG are also working on the share sale for IndiGo.