India’s GoAir plans to file for IPO

After several failed attempts in recent years, budget airline GoAir is reportedly planning to go public again.

The airline is planning to raise up to $400 million in an IPO and has instructed bankers, reports the Economic Times.

"We are looking at raising long-term funds and reducing debt. We have been told that given the current market sentiment, it is the right time to raise resources," an airline official said.

Chief stakeholder Wadia Group is looking to divest 30% of its stake.

The airline has attempted to file an IPO on a number of occasions since 2017.

GoAir has a 8% market share in India and operates about 300 flights a day.

Like its rivals, it has been struggling during the pandemic with spiralling debt.

It flies to 36 domestic and international cities.

Written by Ray Montgomery, Asia Editor