GoAir IPO : Plans to raise Rs 400-500 crores

by khalid on 24/12/2010 · 0 comments

GoAir is planning to come up with an Initial Public Offer (IPO) in near future. GoAir is an Indian low-cost airline based in Mumbai and want to raise Rs 400-500 Crores. This low-cost airline is owned by Wadia Group and operates domestic passenger services to 19 cities with 160 daily flights and approximately 1120 weekly flights. Its main base is Chhatrapati Shivaji International Airport, Mumbai.

The proceeds of the public issue are proposed to be utilized to repay debts and buy more aircraft to survive in a booming aviation market.

According to the available information, GoAir is holding discussions with investment banks such as Enam Financials to manage the public offer. JM Financial, promoted by ace investment banker Nimesh Kampani, is advisor to the airline.

GoAir has registered improved performance in this year. GoAir, which had 2.8% market share in the beginning of the year 2009-10 now currently, enjoys a market share of 5.9 per cent. The airline has had a modest growth for the last two years.

Stay tuned to BelltheBull Blog for more news on GoAir IPO !

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