GoAir (G8, Mumbai Int'l) plans to come out with a INR25 billion rupee (USD345 million) Initial Public Offering (IPO) early in the coming financial year, initiating the process next month, unnamed sources have told the Press Trust of India.

The budget carrier, which was founded in 2005 and is owned by the conglomerate Wadia Group, plans to use the proceeds to fund a fleet and network expansion, the sources elaborated.

“GoAir is gearing up to raise funds to the tune of around INR25 billion from public investors and is likely to initiate this process with the filing of a DRHP [draft red herring prospectus, or offer document] around the second week of April,” one of the sources told the news agency.

Consultations are progressing with Mumbai-based ICICI Securities on the details of the proposed IPO, the sources said, adding that Citigroup and Morgan Stanley were also involved in advising the airline on the plan.

The report appeared to confirm a story in India’s Economic Times newspaper last month in which an anonymous official at Wadia Group claimed that GoAir was looking to raise up to INR30 billion (USD413 million) in an imminent IPO. However, the airline itself has so far refused to comment on the issue. It has been looking to go public since 2015.

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 eight A320-200s, deploying them on 99 routes, 73 of which are domestic within India. It has a further ninety-eight A320neo on order.

There have been frequent changes in management at the company over the years. Most recently, Indian businessman Nusli Wadia resigned last week as managing director, while former Spirit Airlines (NK, Fort Lauderdale Int'l) CEO Ben Baldanza, who has been an advisor to the carrier since 2018, will now be vice-chairman of the board. Baldanza led Spirit Airlines’ IPO in 2011.