Go Airline Is Going To Bring Its IPO, Will Raise Rs 3,600 Crore

Go Airline is going to bring its IPO, which will raise Rs 3,600 crore, SEBI also approved.

The country’s premier airline Go Airlines, which has rebranded itself as ‘Go First’, has received market regulatory body SEBI’s nod for an initial public offer of Rs 3,600 crore.

According to the draft red herring prospectus (DRHP), ‘Go First’ plans to raise up to Rs 3,600 crore through the sale of shares.

Along with this, the company will raise Rs 1,500 crore through Pre-IPO (Initial Public Offering) placement.

As per SEBI’s latest update on the processing status of draft offer documents, the carrier, which filed its preliminary papers for IPO in May, had received its comments on August 26 and the information was updated on August 27 and made public on Monday.

According to SEBI, the issue of observation is meant to proceed for IPO. In June, Sebi had banned the processing of draft papers of Go Airlines for the initial share sale.

According to DRHP, the airline plans to utilize over Rs 2,015.81 crore through net IPO for pre-payment or scheduled repayment of all or some of the outstanding borrowings.

An amount of Rs 279.26 crore will be released by the company “for replacement of credits to certain aircraft lessees for payment of lease rentals and future maintenance of aircraft with cash deposits.”

Go Airline is going to bring its IPO: In addition, the company plans to clear dues of Rs 254.93 crore for fuel supplied to Indian Oil Corporation, as per DRHP.

Wadia Group holds 73.33 percent shares in the company, while the rest is held by others, including Baymanco Investments Ltd, which holds 21.05 percent.

Apart from this, it includes 3.76 percent shares of Sea Wind Investment & Trading Company Limited, 0.62 percent shares of Heera Holdings & Leasing Private Limited.

Nidhivan Investments & Trading Company Private Limited, and Sahara Investments Private Limited.

The book running lead managers to the issue are ICICI Securities, Citi, and Morgan Stanley.

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Online cab aggregator Ola has selected Citigroup and Kotak Mahindra among other banks to manage its $1 billion initial public offerings.

This information has been given in a report by news agency Bloomberg. The agency has given this information quoting people familiar with the subject.

The SoftBank and Tiger Global-backed company has also selected Morgan Stanley for listing. The company may file the filing by October.