Go Airlines recordsdata draft papers for Rs 3,600-cr IPO

Rs 3,600 crore, and this comes at a time when airways within the nation are bleeding because of the Covid19 pandemic. In the draft provide doc filed with the Securities and Exchange Board of India, the airline, which lately rebranded itself from GoAir to GoFirst, stated that it might use the proceeds from the IPO to repay its money owed and dues.
The airline additionally plans to boost as much as Rs 1,500 crore via a pre-IPO placement. Once the shares of the corporate will get listed on the inventory exchanges, which is able to occur after the SEBI approves the proposal, Go Airlines will change into the third operational scheduled airline to commerce on Indian bourses — after IndiGo and SpiceJet. Other Indian carriers to have gone public are the now defunct Kingfisher Airlines and Jet Airways.
Along with the rebranding of the airline, the corporate had additionally introduced its give attention to changing into an extremely low-cost provider — changing into India’s first provider within the phase.
“We expect competitive conditions in our industry to intensify further as new entrants emerge and as existing competitors seek to extend their operations and flight frequencies over routes that we operate,” the corporate famous within the draft crimson herring prospectus.