Fairfax Financial Holdings Ltd is said to be considering an initial public offering (IPO) of Bengaluru International Airport (BIAL) at a valuation of $3.7 billion as soon as next year, people familiar with the matter told Bloomberg.

The Indian arm of Canadian investment group Fairfax Financial Holdings Ltd is working with an adviser on a potential listing that could take place as early as next year, people familiar with the matter said, Bloomberg, reported. Fairfax India holds a majority stake in the owner of Bengaluru’s Kempegowda International Airport.

They said the Mumbai sale could raise Rs 30 billion to Rs 40 billion, asking not to be identified because the information is private. The IPO could include about 75% of the principal stake and the rest of the existing stake, a person familiar with the matter told Bloomberg.

On October 28, Canadian billionaire Prem Watsa-controlled Fairfax said it has no intention of selling its ownership interest in Bengaluru International Airport Ltd (BIAL).

Fairfax has invested more than $1 billion in the airport, Prem Watsa’s most significant investment in India. Its total investment in India is $7 billion, and it plans to double it in the next 4-5 years.

Fairfax owns about 54% of BIAL, Siemens Project Ventures GmbH 20%, Airports Authority of India 13%, and Karnataka State Industrial and Infrastructure Development Corporation 13%.