GoAir (G8, Mumbai Int'l) has revived plans to raise cash, reportedly INR30 billion rupees (USD411.8 million), by launching an Initial Public Offering (IPO), an anonymous “top official” at conglomerate parent Wadia Group has told the Economic Times.

The low-cost carrier has been looking to go public since it first mooted the idea in October 2015 and has on several occasions opened negotiations with financial institutions on their possible role as underwriters. In this instance, it has allegedly appointed Citigroup, Mumbai-based ICICI Securities, and Morgan Stanley as the bankers, the source claimed.

This time around, however, the airline itself has so far refused to comment on the issue.

“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,” the official told the newspaper.

Wadia Group, which besides fully owning GoAir also runs clothing, food, and property businesses, is likely to dilute 30% of its stake in the carrier, the source said.

GoAir has taken a substantial hit during the Covid-19 pandemic, according to local media reports. In August 2020, it replaced industry veteran Vinay Dube as chief executive with turnaround expert Kaushik Khona. In October, the Airports Authority of India carried out an earlier threat and branded both it and SpiceJet (SG, Delhi Int'l) as “cash-and-carry” airlines, meaning they would have to start paying cash upfront for all airport services.

According to the ch-aviation fleets advanced and ch-aviation capacities modules, GoAir currently operates an all-leased fleet of forty-six A320-200Ns and nine A320-200s, deploying them on 73 routes, 61 of which are domestic within India.

GoAir was not immediately available for comment.