Fairfax And OMERS Weigh IPO Delay For Bangalore Airport Holding Company

Prem Watsa’s Fairfax Financial Holdings and Ontario Municipal Employees Retirement System (OMERS) have agreed to extend the deadline for launching an initial public offering (IPO) of the holding company that operates Kempegowda International Airport in Bengaluru by 12 months.

The listing, which was earlier expected by September 2025, has now been pushed to 16 September 2026. The airport is held through Anchorage Infrastructure, where Fairfax and OMERS are co-investors.

The asset is under the effective control of Fairfax, which owns the airport at 30.4% directly and a 43.6% stake in the Anchorage Infrastructure. The remaining ownership is held by the Airports Authority of India and the Karnataka State Industrial and Infrastructure Development Corporation.

What Is Driving The IPO Plan?

The Ontario Municipal Employees Retirement System (OMERS) invested in Anchorage Infrastructure in September 2021 and currently holds an 11.5% stake. The IPO is expected to provide a route for the pension fund to partially monetise its investment.

According to filings by Fairfax India Holdings Corporation, the listing process is still underway as the company works toward obtaining regulatory approvals.

Fairfax has valued the Bengaluru airport asset at about $3 billion in its books. It is also important to note that Fairfax India's intrinsic value is significantly higher than its book value, largely due to its 74% effective interest in the airport asset.

How Significant Is Fairfax’s India Exposure?

Fairfax has steadily expanded its presence in India over the years. The investments of the group in the country are approximated to be about $7 billion in infrastructure and financial services.

On a global scale, Fairfax Financial manages over $100 billion of assets, and the company also registered an all time high of $4.8 billion in profits in 2025.

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What Does This Mean For Investors?

The Bengaluru airport IPO delay may indicate that Fairfax and its partners are prepared to wait until the market conditions and regulatory framework are more favourable before submitting the asset to market.

To investors, the eventual listing could be one of the largest infrastructure IPOs in the Indian aviation sector, which would provide exposure to a rapidly developing airport serving one of the largest technology and business centres in the country.

If the IPO proceeds in 2026, it may attract strong institutional interest given the long-term growth potential of India’s aviation traffic and airport infrastructure assets.

Sources:

Economic Times

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