Tuesday, December 27, 2016

GoAir delays IPO plans

GoAir has delayed plans for an Initial Public Offering (IPO) on the Mumbai Stock Exchange airline sources have informed India's Economic Times newspaper.

According to the report, the carrier is waiting to reach critical mass before going public. As such, no provisional timeframe for the offering has been given.

Last year, management appointed Goldman Sachs, Bank of America Merrill Lynch, and Kotak Mahindra bank as underwiters for its planned INR10.22 billion (USD150 million) IPO. At the time, reports indicated the LCC's parent firm, Wadia Group, would dispose of a 23% stake in the airline.

GoAir operates nineteen A320-200s and four A320neo on flights to twenty-three destinations across India. Plans to begin international services have also been put back given delays in deliveries of its new A320neo fleet. As previously reported, the Indian government has awarded GoAir rights to serve destinations in Iran, China, Vietnam, the Maldives, Azerbaijan, Kazakhstan, Qatar, and Saudi Arabia.
27/12/16 ch-aviation

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