Indian budget carrier SpiceJet Ltd. plans to sell shares in its logistics business in an initial public offering, as the rise of e-commerce drives demand for fast shipping across the region.
The one-year-old cargo division, known as SpiceXpress, could be listed on a stock exchange within 12 months, SpiceJet Chairman Ajay Singh said in an interview at Bloomberg’s New York headquarters on Tuesday. The business would continue to be owned by SpiceJet, he said.
“We have a country of 1.3 billion (130 crore) people, one of the fastest-growing economies in the world, and we have very few air logistics players,” he said. “We think that there’s a good space for us.”
