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GoAir's IPO plan in midst of Covid-19 pandemic flies in the face of logic

GoAir's IPO plan has been in the making for several years - this is reportedly the sixth such plan - but the pandemic has made it an imperative after the airline's bankers refused it further loan

GoAir, airlines, flights
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The investment bankers for the latest IPO are ICICI Securities, Citibank and Morgan Stanley and the airline is looking to raise Rs 2,500 crore-3,500 crore by selling a 25 per cent stake

Anjuli Bhargava New Delhi
In a surprise announcement last week, Mumbai-headquartered GoAir founder Jeh Wadia stepped down as the airline’s managing director. The former retired CEO of Spirit Airlines, Ben Baldanza, who has been advising the airline since 2018 from the United States, was made non-executive vice-chairman and will work directly with the airline CEO Kaushik Khona and CFO Pankaj Chaturvedi.

The company said in an accompanying release that the move is aimed at a larger plan for the airline to “strengthen” its management. One of the many reasons the airline has failed to deliver has been the revolving door for its top brass,

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First Published: Mar 27 2021 | 6:10 AM IST

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