Go Airlines is likely to launch its initial public offering (IPO) in August, ETNow reported. The airline company, promoted by the Wadia Group, filed its draft red herring prospectus with the Securities and Exchange Board of India in May.
It aims to raise INR 3,600 crore from the IPO, of which it plans to use almost 55% to pay off debt as well as clear INR 240 crore that it owes to the Indian Oil Corporation.
GoAir expects the markets regulator to clear its proposal by 31st July. ICICI Securities NSE -1.31 %, Citigroup and Morgan Stanley will manage this IPO.
ETNow also reported that Go Airlines plans to increase its ancillary revenues to rise from 7% to 20%, while it will invest in adding 10 more Airbus Neo aircrafts to its fleet.
By 2024, the airline company expects to have an entire fleet of Airbus Neo aircrafts.
