GoAir, the country's fourth major airline by market share, is seeking to mop up Rs. 5000 crore through its initial public offer (IPO). In the offer, the company will offload approximately 25% or more of its stake, sources privy to the development said. The lead bankers appointed for the issue include Morgan Stanley, JM Financial, ICICI Securities and Citi.

As per sources it is learnt that the low-cost airline is expected to file DRHP before November end and aims to list between February and March next year.

Through the issue, GoAir plans to fund its business expansion. Notably, the carrier was considering listing since last several years as it turned profitable but suspended the move in the year 2016 due to valuation concerns. And now as the airline has grown at a tremendous rate since then it is mulling equity valuation.

Since the grounding of Jet Airways in April 2019, GoAir has gained market share from 9.2% in March to 11.1% in July. In contrast to operating 230 daily flights in a year-ago period, the airline now runs 320 flights per day. At the same time, it has 7 international destinations on its list and will include new destinations namely Singapore and Kuwait this month.

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