GoAir (G8, Mumbai Int'l) is likely to appoint bankers for an Initial Public Offering (IPO) later this month, sources close to the matter have told India's Economic Times. The LCC aims to raise about INR15 billion (USD208 million) by the end of 2019 “for its expansion plans”, one of the sources said.

The carrier, which has explored the idea of going public several times before, took delivery of its 51st A320 Family aircraft in July, doubling the size of its fleet within the space of two years.

However, it declined to comment on the media reports of the possible IPO, saying: “As a policy, GoAir does not comment on market speculation.”

Three people familiar with the matter told Forbes India that the airline was looking to raise INR25 billion to INR30 billion (USD348-417 million) through an initial share sale.

“The company has hired ICICI Securities, Morgan Stanley, Citibank, and JM Financial as merchant bankers for the issue. The process started in May and they are now working on preparing the draft red herring [preliminary] prospectus,” one of the sources said. Another commented that the company planned to raise the capital around the first quarter of next year.