India's Bangalore Airport Likely To Get Listed Through IPO Next Year At Rs 300 Billion Valuation

A week after its beautiful Terminal 2 was inaugurated, India's Bangalore Airport seems set for another big step.

Fairfax India Holdings Ltd. is considering an initial public offering (IPO) for Bangalore International Airport. The IPO could value the airport at about Rs 300 billion ($3.7 billion), according to people familiar with the matter, as per a Bloomberg report.

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The Indian arm of Canadian investment group Fairfax Financial Holdings Ltd. is working with an adviser on the potential listing through an IPO, which could take place as soon as next year, i.e., 2023.

For the uninitiated, Fairfax India holds a majority stake in the owner of Kempegowda International Airport, Bengaluru.

More About Bangalore Airport IPO

The IPO offering may raise between Rs 30 and Rs 40 billion. The IPO may consist of about 75% of primary shares and the rest of existing shares.

Deliberations are ongoing, details of the listing could change, and Fairfax could decide not to proceed with a share sale, people familiar with the matter reportedly said.

Fairfax India owns a 54% interest in BIAL (Bangalore International Airport Limited) as it built up its shareholding after acquiring its initial stake in 2017. It counts Siemens Project Ventures and governments among its minority investors, as its website shows.

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Launched in 2008, Bangalore Airport has been visited by more than 250 million passengers as of June this year, according to a recent press release, the report mentioned. The airport serves 61 domestic and 14 international destinations.

Bengaluru Airport¡¯s Stunning Terminal 2

Last week, India¡¯s Prime Minister Narendra Modi inaugurated the new terminal (T2) of the Bangalore Airport.

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Terminal-2 (T-2) of the Bangalore airport has incorporated the concept of a "Terminal-in-a-garden," a first of its kind.

The Terminal 2 (T2) is a dedication to the beautiful city of Bengaluru and will soon be open for you to go on a journey of surprises. We look forward to making your journey memorable through #BLRAirport. #T2atBLRAirport pic.twitter.com/xSrGHv7PgV

¡ª BLR Airport (@BLRAirport) November 16, 2022

Terminal 2 of the Kempegowda International Airport, Bengaluru will add capacity and further convenience. It is a part of our efforts aimed at providing top class infrastructure to our urban centres. The Terminal is beautiful and passenger friendly! Glad to have inaugurated it. pic.twitter.com/t5ohAr6WCm

¡ª Narendra Modi (@narendramodi) November 11, 2022

Spread over a total area of 2,55,645 square meters, the terminal will reportedly have 22 contact gates and nine customs hand baggage screenings. The gate lounge will have a seating capacity of 5,953.

Phase 1 of Terminal 2 will have 15 bus gates, 90 check-in solutions, and 17 security check lanes, with a capacity of 25 million passengers per year.

It was reportedly built at a cost of Rs 5,000 crore and is considered an architectural wonder. It will have lush greenery inside and out, and the passengers' experience is designed to be like "a walk in the garden."

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