Just as it filed it’s papers for an IPO Wadia Group owned Go Air rebranded itself after 15 years of operations as "Go First”.
Go Airlines is looking to raise Rs 3600 cr and has filed a draft red herring prospectus (DRHP) for an initial public offer (IPO) through issuance of fresh equity shares. The Wadia group owns 73.33% in the carrier which had faced a loss of Rs 1,270 cr for the year ending March 30, 2021.
Pandemic blues are continuing for this budget airline that has been total passengers carried in March fall by a whopping 47% vs February, this was steep in comparison to Indigo’s 29% drop.
Rebranding may not take Go Air's legacy issues and concerns away. with three CEO changes in just three years investors may need more safety instructions from the top brass before taking off with this IPO.