United Breweries Group chairman Vijay Mallya on Tuesday said Kingfisher Airlines would go in for an initial public offering, IPO only after it achieved break-even, which is expected in 2007-08, reports Zeenews.com.

"Kingfisher Airlines is not IPO-dependent. We are fully funded. We have all our financial arrangements locked up", he told reporters in response to questions after the annual general meeting of United Breweries.

"We will go for an IPO once we (Kingfisher Airlines) break-even and we are able to solidly demonstrate our business model to the investors", he said.

Mallya said the airlines are targeting break-even in 2007-08.

He also said the Kingfisher Airlines already has a paid-up equity capital of over Rs 400 crore (Rs 4 billion).