huge rush for jet airways shares indian airline jet airways initial public offering was oversubscribed 162 times bankers said on friday over 85 of the bids were at the higher end of the price range of 1 0501 125 rupees 2426 jet airways a lowfare airline was founded by londonbased extravel agent naresh goya and controls 45 of the indian domestic airline market it sold 20 of its equity or 172 million shares in a bid to raise up to 443m 2308m the price at which its shares will begin trading will be agreed over the weekend bankers said the demand for the ipo was impressive we believe that over the next two years the domestic aviation sector promises strong growth even though fuel prices could be high said hiten mehta manager of merchant banking firm fortune financial services india began to open up its domestic airline market previously dominated by staterun carrier indian airlines in the 1990s jet began flying in 1993 and now has competitors including air deccan and air sahara budget carriers kingfisher airlines and spicejet are planning to launch operations in may this year jet has 42 aircraft and runs 271 scheduled flights daily within india it recently won government permission to fly to london singapore and kuala lumpur