Indian budget carrier GoAir is finally prepping for an IPO.
According to local reports the airline has hired bankers to prepare a prospectus and is targeting the first quarter of 2020 to go public.
"The company has hired ICICI Securities, Morgan Stanley, Citibank and JM Financial as merchant bankers to the issue. They are now working on preparing the draft," a source said.
It is hoped up to US$400 million could be raised in the offering.
The Mumbai-based airline, which is owned by the Wadia family, has been mulling an IPO for a long time.
Talk of an IPO resurfaced again earlier this summer and the company has apparently has been working on it since May, according to people familiar with the matter.
The airline has an 11% market share in the domestic market and has been adding new international routes and more aircraft to its fleet.
India’s fourth largest carrier now operates more than 50 jets and has doubled its fleet size in less than two years.
