India’s GoAir Set To Raise $345mn In Initial Public Offering (IPO)

India’s GoAir Set To Raise $345mn In Initial Public Offering (IPO)

Information coming out from unnamed sources have revealed that one of India’s biggest names in the flight industry, GoAir, plans to launch an initial public offering (IPO) early in the coming financial year. In a related development, the company is reported to be initiating the IPO process next month, with the goal of raising about INR25 billion rupee, approximately $345 million.

The sources also elaborated that the budget carrier founded in 2005 and owned by the conglomerate Wadia Group will be using the proceeds of the offering to fund the purchase of a fleet and network expansion.

GoAir is gearing up to raise funds to the tune of around INR25 billion from public investors and is likely to initiate this process with the filing of a DRHP [draft red herring prospectus, or offer document] around the second week of April,” a source told the news agency.

Consultations are currently ongoing with Mumbai-based ICICI Securities on the details of the proposed offering, the sources stated. Citigroup and Morgan Stanley have also been reported to be involved in advising the airline on the plan.

The report appeared to be a confirmation of a story in India’s Economic Times newspaper last month, when an anonymous official at Wadia Group claimed that GoAir plans to raise up to INR30 billion (USD413 million) in an imminent initial public offering. While no official statement has debunked the claims, the airline is yet to comment on the issue, even as it has been making plans to go public since 2015.

According to the ch-aviation fleets advanced and ch-aviation capacities modules, GoAir currently operates an all-leased fleet of 46 A320-200Ns and 8 A320-200s. The company deploys the fleet on 99 routes, 73 of which are domestic within India. It also has another 98 A320neo on order.

The management team at GoAir has witnessed frequent changes over the years. The most recent one being the resignation of Indian businessman Nusli Wadia as managing director with former Spirit Airlines CEO Ben Baldanza, who has been an advisor to the carrier since 2018 taking over as the vice-chairman of the board.

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