Mumbai, Oct. 17: Low-cost airline IndiGo's parent InterGlobe Aviation has fixed the price band for its initial public offering at Rs 700-765 apiece. At the upper band, the share sale could fetch a little over Rs 3,268 crore.

The offer will open on October 27 and close on October 29, with the allotment for anchor investors scheduled for October 26.

Under the offer, InterGlobe plans to issue fresh shares worth Rs 1,272.2 crore along with an offer for sale of a little over 2.61 crore shares.

Earlier, the plan was to sell up to 3.01 crore shares of existing shareholders.

However, the final offer document has reduced this amount to 2.61 crore shares. The shares are proposed to be listed on the BSE and the NSE.

Some investors, however, said the pricing was on the higher side. "Though IndiGo is the country's most profitable airline, the pricing is a bit aggressive," said Neeraj Dewan, director at brokerage Quantum Securities.

The IndiGo IPO will be a test case for the revival of the primary market as the relatively smaller public issue of Coffee Day Enterprises got a lukewarm response initially even though it managed to sail through on Friday.

InterGlobe Aviation runs the country's biggest airline by market share under the IndiGo brand. IndiGo is one of the two profit-making domestic airlines, the other one being GoAir. At present, only two domestic carriers - Jet Airways and SpiceJet - are listed.