Go First’s IPO likely in July-August

NEW DELHI: Wadia Groupowned Go First (earlier GoAir) may finally launch its Rs 3,600-crore IPO by this JulyAugust if the massive market volatility subsides somewhat. The airline’s merchant bankers had advised it to first watch the fate of the mega LIC IPO, which sailed through in a relief to the government, and then some other big offerings, say sources.
The airline will begin working on anchor investors for its public offering, 75% of which will be for QIBs, meaning Rs 2,700 crore will come from institutional investors. Everything was in place to open the IPO last December but that had to be deferred due to various reasons like Omicron. Now again, all the preparations have been made. The updated DRHPand the final investors’ roadshow is expected by midJune, say sources.
Morgan Stanley, CitiBank and ICICI Securities are the merchant bankers for this IPO. The group does not want to leave anything to chance with Go First listing, where it will remain the majority stakeholder. The airline proposes to use Rs 2,000 crore towards paying interest-bearing debt that is expected to lead to a saving of Rs 200 crore annually.