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India’s Go First Plans IPO in July as Air Travel Rebounds

  • Airline is planning to use IPO proceeds to repay debt
  • Go First is expecting to turn profitable this quarter
Commercial Planes At Srinagar Airport
Photographer: Nasir Kachroo/NurPhoto/Getty Images

Go First, India’s No. 2 airline, is planning to raise 36 billion rupees ($464 million) through an initial public offering in July as air travel recovers from the pandemic, according to a person familiar with the matter.

Go First’s share sale comes as air travel is rebounding in the South Asian nation driven by pent-up demand as people emerge from one of the world’s worst coronavirus outbreaks. India, the world’s fastest-growing major aviation market before the pandemic, expects local traffic to exceed pre-pandemic levels of 415,000 daily fliers within a year. Indian airlines are also adding capacity to capture a revival as international flights resume.