GoAir IPO is back on

Wadia Group has brought back it’s Rs3,000 crore (US$411m) IPO plans for GoAir and has appointed Citigroup, Morgan Stanley and ICICI. That is a reduction of 40% on the original asking price in 2019 prior to the pandemic. You may recall that in September 2019 RS5,000 crore was the asking price for a 25-30% stake. This time the Wadia Group is aiming to dilute around the same (up to 30%). The group is looking to raise funds to reduce debt.  The question is – Is this enough of a price reduction given that the Indian middle classes have been hit