GoAir, Wadia-promoted low-cost airline, files DRHP for IPO
Wadia group-owned GoAir has filed the Draft Red Herring Prospectus (DRHP) for its initial public offering (IPO).
May 14, 2021 / 12:54 PM IST
Wadia group-owned Go Airlines (GoAir) has filed the Draft Red Herring Prospectus (DRHP) for its initial public offering (IPO).
On May 13, the airline rebranded itself as Go First, as part of the preparations for the listing amid a rocky period for the aviation sector due to the pandemic.
Also read: GoAir rebrands as Go First; promises cheaper fares, young fleet
The airline commenced operations in 2005 and has just over 50 aircraft in its fleet, even as rival IndiGo which started a year later is over 5 times in size.
CNBC-TV18 had in March reported that GoAir is likely to file the draft papers for the IPO in April.
In the DRHP filed with market regulator SEBI, GoAir said it has applied for registration of the Go First trademark and logo. The airline said it has already begun using the new brand name and trademark.
"We are in the process of transitioning all our operations under this new brand. We believe that our new brand will better reflect our customer acquisition strategy of targeting young Indian leisure and MSME travellers which is our largest customer base," GoAir said.
Also read: GoAir IPO in sight? Why Indian aviation's tortoise has decided to run
As a part of the forward-looking statements in the the filing, GoAir also spoke about the harsh impact of COVID-induced lockdowns and travel restrictions on the business.
"The COVID-19 pandemic has had an adverse impact on our business, operating results, financial condition and liquidity, and the duration and spread of the pandemic or another pandemic could result in additional adverse impact on our business," GoAir said.Also read: GoAir IPO | What investors should know about the airline’s core operations