• Germany forecasts tourism surge during UEFA Euro 2024
  • Modi urges toursits to spend 105 of their travel budget to purchase local goods
  • Kerala to undertake intiatives to promote the state as global meeting veue
  • Swiss cancels plans for domestic A340 this summer
  • Scandron receives DGCA logistics drone certificate
  • Air India, Tata Advanced System to invest INR 2,300cr in Karnataka
  • Plan is to bring Air India on the same level as Vistara: CEO

Go First plans IPO of up to INR 3,600 cr by July

Wadia group owned Go First plans to hit the public markets by the end of June or early July.

The airline which had got approval from market regulator Sebi for its IPO last year had held back its IPO first due to the emergence of Omicron and then to avoid a clash with the mega IPO of Life Insurance Corporation (LIC).

Sources said that the management of Go First is preparing to restart the roadshows and investor presentation. “Given the feedback from bankers, we are ready for an IPO,” a person aware of the airline’s plans said, adding that the company will not reduce the issue size.

The airline plans to garner up to INR 3,600 crore through sale of shares, according to the Draft Red Herring Prospectus (DRHP) plans to utilise a primary portion towards prepayment or scheduled repayment of all or a portion of certain outstanding borrowings, vendors, and aircraft lessors.

Industry sources said that a buoyancy in domestic traffic has encouraged the merchant bankers of the company to relook at the IPO. This is despite heightened challenges of record high fuel prices and a weaker rupee against the dollar which can hit valuations of an airline IPO.

“The buoyancy of traffic has definitely picked up. May has been better than April in terms of booking and advance booking has also become stronger. The top line and occupancy looks encouraging. We still expect around 10-15 percent increase in demand,” a senior executive of the airline said. (Source BS)

Read Previous

Assam government inks pact with FlyBig to offer Silchar-Guwahati flights at INR 3,000 per passenger

Read Next

AirAsia India halves excess baggage fees for passengers taking connecting international flights

Most Popular

Download Magazine