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Our Bureau

Bangalore , Jan. 22

THE SEBI clearance for the draft initial public offering (IPO) of Jet Airways will take a much longer time because this is the first time an airline has sought to go public.

The Securities and Exchange Board of India Chairman, Mr G.N. Bajpai, said his colleagues were taking a much longer time than usual because they wanted to get a better understanding of the airline industry to protect the investors' interest.

Mr Bajpai said that when he had asked his colleagues about the status of the IPO, he was informed that it would take a few more days, as they wanted to understand the business better and it also happened to be the first time an airline was going public.

Mr Bajpai made these comments while delivering the keynote address at the 17th annual conference of the Karnataka State Chartered Accounts Association.

In its draft prospectus, Jet Airways plans to offer 1.72-crore equity shares of Rs 10 each for a price to be offered through the book-building process. Of the total offer, the Naresh Goyal-promoted airline is making a fresh issue of 1.42-crore equity shares and the balance 30.21-lakh shares are on offer for sale by Tailwinds Ltd, one of the promoters of Jet Airways.

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