Go First (rebranded GoAir) is prepping an initial public offering (IPO) to raise R3,600 crore (approx. US$491 million), according to draft papers filed last week. The company is intended to list on the Mumbai stock exchange. The proceeds are expected to be boosted by a pre-IPO placement of shares to raise an additional US$204 million. Go First plans to use the proceeds to pay down debt, replace letters of credit and repay unpaid bills. InterGlobe Aviation, parent of IndiGo, was the last Indian domestic scheduled carrier to go public in November 2015.

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