MUMBAI: Go Airlines, the airline company promoted by the Wadia Group, is likely to launch its initial public offering (IPO) in August and expects the Securities and Exchange Board of India to clear the proposal by July 31, business news channel ETNow reported quoting sources in the know.
The company filed its draft red herring prospectus (DRHP) with the capital markets regulator in May with the aim of raising Rs 3,600 crore from the public market. Go Airlines intends to use almost 55 per cent of the IPO proceeds to pay off debt as well Rs 240 crore in credit owed to IOC, ETNow reported.
Go Airlines is also planning to increase its ancillary revenues to rise from 7 per cent to 20 per cent, 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, ETNow report said.
The IPO of the airliner is managed by , Citigroup and Morgan Stanley.
