GoAir (Mumbai International) is looking to go public and has opened negotiations with several financial institutions concerning their possible role as IPO underwriters.

According to company sources who spoke to India's Economic Times on condition of anonymity, the LCC is looking to raise up to USD150 million in an IPO that could occur as early as March next year.

A subsidiary of India's Wadia Group, GoAir is the country's fifth largest airline by market share operating a fleet of nineteen A320-200s on flights to twenty-two destinations across India.

GoAir's plans come after IndiGo Airlines (6E, Delhi International) parent InterGlobe Aviation saw strong demand for its shares during its IPO on the Mumbai Stock Exchange this week.

Reports following the three-day long debut indicate the firm's planned INR30.01 billion (USD460 million) share offering saw bids that were more than six times the issue's size. Overall, approximately 12% of InterGlobe stock was put on the market.

At the close of trade on Thursday, institutional investors had over-subscribed by almost 1800% while non-institutional investors had also over-subscribed by 357%. In contrast, retail investors only subscribed to 90% of the shares allocated to them while employee uptake was limited to 12%.

Of the funds raised, InterGlobe says INR11.6 billion (USD177.88 million) will be used to retire certain outstanding aircraft lease obligations, INR333.69 million (USD5.1 million) will be put towards the purchase of groundhandling equipment, while a yet-to-be-determined amount is to be used for general corporate purposes.