The first share sale made by an Indian airline in six years has gone on to receive bids that were 6 times more than the $460 million target set by the company. The company that held an IPO was InterGlobe Aviation Ltd., an air transportation services company with headquarters in Gurgaon, India.

The $460 million value sets the initial public offering as the biggest one yet for India since 2012, when Bharti Intratel Ltd. managed to raise 41.7 billion rupees on their own IPO, which was then valued at 761 million in US dollars.

According to a Bloomberg news coverage, the initial public offering conducted by InterGlobe Aviation was for their largest carrier, IndiGo, where investors went on to subscribe to 16 times more than their reserved number of shares. Investors were also reported to take on only 32% of their allocated stock on the final day of the sale.

InterGlobe Aviation's goal, along with its investors, was to reach 30.01 billion rupees - a value of $460 million. Their expected value at 700 to 765 rupees a share is projected to reach an amount of 276 billion rupees, which will earn the company the title as the third-largest low-cost carrier.

It is believed that the company will use the proceeds from the IPO to pay off a debt of about $388 million and launch plans for expansion, as reported by Reuters earlier this year.

Aside from their IndiGo passenger airline, InterGlobe Aviation also processes services such as excess baggage, ticket cancelation, cargo services, and tours and packages. The company's current fleet count is 96 as of April 2015.

Today, IndiGo remains to be the biggest airline in India in terms of market share, which was due to aggressive pricing control and necessary budget cuts.