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Go Airlines Incorporated in the year 2004, GoAir is an ultra-low-cost carrier (ULCC) airline focused on providing affordable and accessible air travel to the people. The company's target customers are young Indians, leisure customers, and MSME business travelers. The company is focused on maintaining a low-cost base and high utilization of its modern and fuel-efficient fleet.
The company is re-branding itself as "Go First" and has already started using the "Go First" trademark and brand name.
The issue will be lead managed by Citigroup Global, ICICI Securities and Morgan Stanley India. Link Intime will be the registrars to the IPO.
The company was consistently making losses but looses widened in service year of 2020 and 2021 due to sharp fall in aircraft churn due to covid19.
In the first half of FY22, the company has already reported a net loss of Rs.923 crore so the overall losses could widen for FY22 as the CASK (cost per average seat kilometer) continues to be much higher than the RASK (revenue per average seat kilometer). The company has accumulated substantial debt and lease outstanding and it will use the proceeds of the IPO to reduce the same. It will prepay loans, replace letters of credit to secure lease payments and pay fuel supply dues to IOCL.
Good News
In the first half of FY22, revenues doubled YoY to Rs.1,202 crore on better capacity utilization. Domestic passenger traffic is expected to grow at 45-50%, so even if Go Air maintains its market share, it will still see a spike in its top line revenues.
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