Wednesday, August 21, 2019

GoAir looks to raise nearly Rs 3,000 crore through IPO, hires bankers

The Wadia family-owned airline, GoAir, is looking to raise between Rs 2,500 crore to Rs 3,000 crore through an initial share sale programme, said three people directly familiar with the development.

“The company has hired ICICI Securities, Morgan Stanley, Citibank and JM Financial as merchant bankers to the issue. The process started in May and they are now working on preparing the draft red herring prospectus (DRHP),” a source added.

The Wadias plan to raise the capital around first quarter of next calendar year, another source said.

ICICI Securities, Morgan Stanley and Citibank declined to comment on the issue. Forbes India is awaiting response from other parties. In an emailed response, GoAir said, it does not comment on market speculation.

The Mumbai-based airline, launched in November 2005, had 11.1 percent market share in May, according to data from the aviation regulator Directorate General of Civil Aviation (DGCA). In July this year, it announced its expansion to seven new international routes, including Kuwait, Dubai and Bangkok. GoAir took delivery of its 51st aircraft last month, and going forward, the company said that the airline will be will be adding at least one aircraft every month.
21/08/19 Pooja Sarkar/Forbes India
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