SpiceJet is set to raise ₹3,000 crore from a qualified institutional placement (QIP) issue. The low-cost carrier is holding roadshows in Mumbai and a couple of other cities to attract institutional investors and generate interest for QIP. The process will reportedly get over towards the end of this month.

In July this year, the board of the company had approved a proposal to raise the amount “through issue of equity shares or any other eligible securities to qualified institutional buyers by way of qualified institutional placement... and any other methods including by way of further issue’’.

Shares of the airline on Wednesday ended with gains of nearly a per cent at ₹62.20 on the BSE.

During the quarter ended June 30, SpiceJet reported a net profit of ₹150 crore compared with ₹119 crore in the preceding three months and ₹204.56 crore in the year-ago period. Revenues stood at ₹1,565.16 crore against ₹1,843.63 crore in the corresponding quarter of the previous year.

The airline said it achieved an operating profit of ₹393 crore, following a strong EBITDA (earnings before interest, taxes, depreciation & amortisation) of ₹401 crore, up from ₹310 crore in the January-March 2024 period.

During the quarter, it continued to lead the industry with the highest domestic load factor of 91 per cent

SpiceJet has said that the fresh infusion of funds from the QIP will help the airline to expand and unground its fleet, enhance operational capabilities, settle liabilities and improve its overall market competitiveness.