The low-cost carrier, SpiceJet shares on Monday (September 23) surge by 10 per cent in the early trading hours following the airline announcement of raising Rs 3,000 crore through its Qualified Institutional Placement (QIP).

The company's shares today opened at Rs 67.94 apiece and reached a high of Rs 72.80 per share during the intraday trading session today.

As of 1:19 pm IST, the shares of the company were trading at Rs 71.25 apiece, up by 7.69 per cent on NSE.

The shares of the company climbed by over 10 per cent during today's early trading session on BSE, reaching a high of Rs 72.80 apice.

At one point in the day, a total of 128.24 lakh shares were traded, generating a turnover of Rs 90.33 crore. This sharp uptick comes in contrast to the stock’s 52-week low of Rs 34, recorded on October 10, 2023.

The market capitalisation of the airline as of now stood at Rs 5,491 crore.

SpiceJet’s Fundraising Details

The company recently approved the issuance of 48.7 crore equity shares to qualified institutional buyers at a price of Rs 61.60 per share, which included a premium of Rs 51.60 per share. The company also opted for a minor discount of Rs 3.19 on the floor price, allowing the total fundraising amount to reach Rs 2,999.99 crore.

With this new infusion of capital, the airline's paid-up equity share capital increased from Rs 794.67 crore to Rs 1,281.68 crore, marking a surge in shares from 79.46 crore to 128.16 crore equity shares.

Additionally, the airline is set to receive Rs 736 crore from a previous funding round, giving it a total financial boost of Rs 3,736 crore.

"SpiceJet has successfully raised INR 3000 crore through its recently concluded Qualified Institutional Placement (QIP), which was significantly oversubscribed by investors. The QIP, which opened on September 16 and closed on September 18, received an overwhelming response from qualified investors, demonstrating strong confidence in the company’s growth prospects," the company said in the BSE filing.

Furthermore the regulatory filing added, "Prominent global investors including Goldman Sachs (Singapore), Morgan Stanley Asia, BNP Paribas Financial Markets ODI, Nomura Singapore Limited ODI, Tata Mutual Fund, Discovery Global Opportunity Ltd, Societe Generale ODI, Authum Investment and Infrastructure Limited, Bandhan Infrastructure Fund, White Oak, Carnelian Bharat Amrikaal Fund, 360 ONE Equal Opportunity Fund and The Jupiter Global Fund have all demonstrated their confidence by participating in the QIP."