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GoAir files for public offer of Rs 3,600 crore

Published : Tuesday, 18 May, 2021 at 12:00 AM  Count : 62

MUMBAI, May 17: Go Airlines, the fourth largest Indian airline in terms of market share, has filed its prospectus with Sebi to go public through its initial public offering (IPO) of up to Rs 3,600 crore. The airline operates under the GoAir brand and is now rebranding as GoFirst. It operates as an ultra-low-cost carrier (ULCC). The airline plans to use the IPO proceeds for prepayment or scheduled repayment of its debt, replacement of letter of credits, repayment of dues to Indian Oil Corp for fuel supplied to the company and general corporate purposes.
GoAir has placed orders for delivery of 144 Airbus A320neo aircraft, of which it has already taken delivery of 46 aircraft. It aims to be the second-largest airline in the country. Sources said that the airline aims to raise funds at a time when it needs it the most and investor's money could be put to best use to generate returns. ICICI Securities, Citigroup Global Markets and Morgan Stanley India are the managers of the offer.    -TNN

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