GoAir rebranded itself as Go First on May 13, 2021. | Photo Credit:
Arunangsu Roy Chowdhury
The proceeds are planned to be utilised towards “prepayment or scheduled repayment of all or a portion of certain outstanding borrowings” as well as for replacement of letter of credits with cash deposit. Budget carrier GoAir, which rebranded itself as Go First, filed preliminary papers for an initial share sale worth ₹3,600 crore.
The Wadia group-promoted carrier has been operating for 15 years and the proceeds from the initial public offer (IPO) will be primarily utilised for repayment of debt.
The airline is looking to raise up to ₹3,600 crore through sale of shares, according to the draft red herring prospectus (DRHP).