GoAir To Launch IPO, Awaits SEBI Clearance

Go Airlines is set to launch its initial public offering (IPO) in August 2021 and expects the Securities and Exchange Board of India (SEBI) to clear the proposal by July 31, 2021. The airline company has the Wadia Group listed as one of its promoters. This IPO will be managed by Morgan Stanley and Citigroup.

The airlines filed its draft red herring prospectus (DRHP) with SEBI earlier this year in May, with the goal of raising Rs 3,600 crores. Go Airlines intends to use almost 55 percent of the IPO proceeds to pay off debt as well Rs 240 crore in credit owed to IOC. Go Airlines is also planning to increase its ancillary revenues from the existing 7 percent to 20 percent, while it is looking to add 10 more Airbus Neo aircraft to its fleet. By 2024, GoAir plans to have an entire fleet of planes.