Go Air IPO Date, Price & Review

Go Air IPO

Go First, previously known as Go Air, is an ultra-low-cost carrier that aims to make air travel affordable and accessible to the masses. It was incorporated on April 29, 2004, and started flight operations in November 2005, with its first flight flown from Mumbai to Ahmedabad.

The airline has been the industry leader for on-time performance for 15 consecutive months between September 2018 to November 2019 and had the least flight cancellations for FY 2021 and as of January 31, 2021.

As of September 30, 2021, Go First had an inventory of 57 aircraft, of which 50 aircraft are A320 NEO, and 7 are A320 CEO models. As of February 2021,

the average age of their aircraft was around 3.7 years, making it one of the youngest average fleet ages among LCC (low-cost carrier) carriers in India and globally.

Go First presently has 98 A320 NEO aircraft on its order book and expects to receive eight additional A320 NEOs in FY 2022, 14 in FY 2022 and 2023. It expects to receive the balance aircraft from FY 2025 onwards.

Go First is one of the fastest-growing airlines and its passenger volume increased at a CAGR of 22.4% from 10.8 million passengers in FY 2018 to 16.2 million passengers in FY 2020. As a result, its domestic passenger volume market share increased from 8.8% in FY 2018 to 10.8% in FY 2020.

Go First targets customers, like young Indians and MSME businesses, as more than 75% of the population is below 45 years. Moreover, approximately 35% lives in urban areas, while the MSME businesses segment in India contributed around 33.5% of the GVA of India.

As of January 31, 2020, it has added 28 domestic and nine international destinations to its network. In addition, it has established a strong position in slot-constrained airports such as New Delhi, Mumbai, Ahmedabad and Pune, with the second-best overall Slot Efficiency in India from FY 2018 to FY 2020.

Qualitative factors

• Simple, fuel-efficient and next-generation fleet.
• Strong focus on operational efficiency and reliability.
• Established position in slot-constrained airports, with best-in-class efficiency.
• Selling experiences for young Indian leisure and MSME travellers.
• Excellent track record of growth across key performance indicators.
• Well experienced Board and management team compliant with corporate governance and backed by the Wadia group.

Objects of the offer

• Prepayment or scheduled repayment of full or a part of certain outstanding borrowings availed by the company.
• Replacement of letter of credits issued to certain aircraft lessors towards securing lease rental payments and future maintenance of aircraft, with a cash deposit.
• Repayment of dues to IOCL (Indian Oil Corporation Limited), in part or full, for fuel supplied to the company.
• General corporate purposes.

Financials of Go Air

Go Air IPO Issue Details

Go Air IPO Bid Details

Source: Go Airlines (India) Limited DRHP

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