Global Vectra Helicorp files for IPO

3.5 million equity shares on offer

BY A CORRESPONDENT
May 27, 2006

Global Vectra Helicorp Ltd has filed for an IPO. The chopper charters operator, focusing on offshore exploration customers, has filed the draft red herring prospectus for an initial public offering for 3.5 million equity shares. The shares of face value Rs 10 will be priced at a premium to be decided through the book-building process.

The 3.5 million shares will constitute 25% of the fully diluted post-issue equity capital of the company. Of these, 2.8 million will be fresh equity issued, while the rest will be on offer for sale from the company's promoter Azal Azerbaijan Aviation Ltd, which is a Vectra Group company.

Among aviation companies in India, only two are listed on the stock exchanges - market leader Jet Airways and low-cost carrier SpiceJet.

Global Vectra owns 12 Bell bell 412 helicopters, and serves the oil and gas exploration sector in India by providing helicopter transportation to offshore oil platforms located 50-100 nautical miles from the coast.