Air Deccan, as India's first low cost carrier, grew steadily since its start in August 2003 to operate 230 daily flights to 55 destinations using 30 aircraft by the end of April 2006. In the Indian aviation sector, the entry of Air Deccan heralded increased competition in a scenario where three domestic airlines enjoyed relatively less competition for almost eight years after initial forays made by smaller players in the early to mid nineties proved unsuccessful. Air Deccan was about to come up with its Initial Public Offering (IPO) issue in May 2006. The major decision was one of deciding the price band for the IPO. This case focuses on the growth of Air Deccan and its operating and financial performance leading up to the IPO decision.