InterGlobe Aviation aims to land $616 million share sale on Friday

India’s InterGlobe Aviation Ltd, which runs the country’s top airline IndiGo, will conduct a share sale to institutional investors on Friday that will raise for the company and its founders as much as 39.45 billion rupees ($ 616 million).

The company set a price range on Wednesday of 1,125 rupees to 1,175 rupees a share for the sale of up to 33.6 million shares, comprising of 22.4 million new shares and 11.2 million existing shares.

The share sale is aimed at helping the company meet minimum public holding rules.

Citi, JPMorgan and Morgan Stanley are the banks managing the share sale, according to a filing.

InterGlobe’s initial public offer in 2015 had raised about 30 billion rupees.