Brazilian low-cost carrier Gol was authorized today to launch an initial public offering (IPO) for the Smiles loyalty programme.
The decision by Gol's board of directors clears the way for the carrier to execute the IPO with the Brazilian Securities and Exchange Commission.
The board decision comes five days after Gol selected banks to structure the deal.
It also follows Gol's move in late December to segregate Smiles as a standalone business unit.
Smiles became Gol's loyalty programme in 2008 after completing the acquisition of Varig, where the programme originated. Gol later expanded Smiles to include codeshare partners and credit card companies.