Budget airline GoAir is planning to launch its initial public offering (IPO) soon, which has been delayed several times since 2017.
According to a report, the airline is planning to raise Rs 3,000 crore in an IPO and has appointed Citigroup, ICICI Securities and Morgan Stanley as the bankers.
“We are looking at raising long-term funds and reducing debt. We have been told that given the current market sentiment, it is the right time to raise resources,” the official told in a media report.
The Wadia Group, which operates businesses including Bombay Burmah, Bombay Dyeing, Britannia, National Peroxide and Bombay Realty, will likely dilute 30% of its stake in GoAir.
However, GoAir did not comment on the speculation.
GoAir, which had a share of 8.6% of the passengers carried, offers more than 300 daily flights. Since the start in 2005, 80 million passengers have been carried. The airline flies to 36 destinations, including 27 domestic cities.
However, the company had debt of ₹1,819 crore as of March 31, 2019. GoAir reported a net profit of ₹123 crore in the year ended March 31, 2019, with a turnover of ₹6,262 crore.