Singapore/Mumbai: IndiGo, India’s biggest airline by market share, is set to file the prospectus next week for a domestic stock market listing, expected to raise as much as $400 million from an initial public offering (IPO), three people with knowledge of the matter said.

IndiGo, owned by hospitality and travel company InterGlobe Enterprises Ltd, is aiming to get approval from India’s market regulator in August, before hitting the market later in the year, one of the people said.

The timing of the market debut will, however, depend on market conditions, this person said.

The people declined to be named because they were not authorised to speak to the media.

IndiGo, founded in 2006, has used its low-cost model to stay profitable and become India’s largest airline in a market enjoying double-digit growth in passenger numbers, but where most carriers lose money because of tough competition and high costs. The airline, which flies a single type of narrow-body planes, now carries one in three of India’s air travellers.

In October the carrier made a record order for 250 Airbus A320neo jets as it seeks to capture a bigger slice of India’s fast-growing aviation market.

IndiGo has picked Citigroup Inc., Kotak Investment Banking, Morgan Stanley and JP Morgan Chase and Co. as lead managers for the listing, as well as UBS AG and Barclays Plc, two of the people quoted above said.

The listing will include the sale of a mixture of primary and secondary shares, one of the people said.

IndiGo did not immediately respond to a request for comment. Reuters