Friday, July 12, 2019

TruJet mulls IPO after 3 years; expects Rs 600 Cr topline by

Hyderabad: TruJet mulls IPO after 3 years; expects Rs 600 Cr topline by FY22 Hyderabad, Jul 12 (PTI): Trujet, a regional airline may go in for an Initial Public Offer (IPO) after three years as it expects to consolidate its position as a strong player in niche segment connecting tier-II and III cities by then, a senior official of the city-based carrier said Friday. The startup airlines which commenced operations in 2015 is all set to double the fleet size to 10 in the next six to eight months and plans to add five to eight in the next fiscal taking the total number of aircraft to 18 by FY21.

"It (IPO proposal) is still premature. In the coming to three years, once we get settled and once we are consolidated then we will go for IPO," Turbo Megha Airways, Director, KV Pradeep said at a press conference. Currently infra major MEIL holds 90 per cent stake and rest is with former union minister Chiranjeevi's son actor Ram Charan and others.

"Once we reach reasonable size, definitely (we will consider IPO). For any airlines, the exit path is that only," he added. Trujet, chief financial officer, KG Vishwanath said the airlines is expected to book net profit during the current fiscal and with the addition of new aircraft, the topline is expected to touch Rs 600 crore by FY 22.
12/07/19 PTI/Devdiscourse
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