SpiceJet shares rise 10% on fund raising via QIP 

Shares of SpiceJet rose 10% today after the low-cost airline said it has raised Rs 3,000 crore via its recently concluded Qualified Institutional Placement (QIP). SpiceJet shares rose 10% intra day to Rs 72.80 on BSE today. In the current session, a total of 128.24 lakh shares of the firm changed hands amounting to a high turnover of Rs 90.33 crore on BSE. Market cap of SpiceJet climbed to Rs 5491 crore. The stock fell to a 52-week low of Rs 34 on October 10, 2023 and a 52 week high of Rs 79.90 on September 16, 2024.

The stock has lost 6.46% since the beginning of this year and risen 92% in a year

In terms of technicals, the relative strength index (RSI) of SpiceJet stands at 51.6, signaling it's trading neither in the overbought nor in the oversold territory. The stock has a beta of 1.2, indicating average volatility in a year

"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 QIP attracted a diverse pool of top-tier institutional investors and mutual funds, reaffirming the market’s belief in SpiceJet’s ability to navigate industry challenges and capitalise on the growing demand in the aviation sector

Global investors who invested the QIP were 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 .

"In addition to the Rs 3,000 crore raised through its QIP, SpiceJet will also receive an additional Rs 736 crore from the previous funding round, further boosting its financial stability and growth plans," said the airline in a communication to bourses.