Online travel booking services firm Yatra Online Ltd. has set the price range for its initial public offering (IPO) at ₹135-142 per share.
Yatra Online had sold shares worth ₹62.01 crore by way of a rights issue to THCL Travel Holding Cyprus Ltd., a promoter, as a pre-IPO placement on 10 December 2022 at an issue price of ₹236 apiece, the company said in a statement.
Online travel booking services company Yatra Online Ltd. has set a price range of ₹135-142 per share for its upcoming initial public offering (IPO). This pricing is significantly lower than the ₹236 per share issue price at which the company sold shares to a promoter as a pre-IPO placement last year. The IPO includes a fresh issuance of ₹602 crore worth of shares and an offer for sale (OFS) of up to 12.2 million shares by promoters and an existing investor. The total public float is valued at ₹775 crore at the upper end of the price band. The IPO will be open for subscription from September 15 to 20. SBI Capital Markets Ltd, DAM Capital Advisors Ltd, and IIFL Securities Ltd are the book-running lead managers for the IPO.
THCL Travel Holding Cyprus Ltd., which holds an 88.64% stake in Yatra, will sell 8.89 million shares in the IPO, while investor “Pandara Trust – Scheme I Represented By Its Trustee Vistra Itcl (India) Ltd” will sell 4,31,360 shares. Asia Consolidated DMC Pte. Ltd. (Singapore) with a 9.91% stake is Yatra Online’s other promoter.
Yatra Online plans to use ₹150 crore from the IPO proceeds for strategic investments, acquisitions, and inorganic growth, while ₹392 crore will be allocated for investments in customer acquisition and retention, technology, and other organic growth initiatives.
The company reported a 92% YoY increase in consolidated revenue to ₹380.16 crore for fiscal year 2023, with a net profit of ₹7.63 crore, compared to a loss of ₹30.78 crore in the previous fiscal year.
This pricing is significantly lower than the ₹236 per share issue price when the company sold shares worth ₹62.01 crore to THCL Travel Holding Cyprus Ltd. as a pre-IPO placement in December 2022.
Yatra Online’s IPO consists of a fresh issuance of ₹602 crore worth of shares and an offer for sale (OFS) of up to 12.2 million shares by a promoter and an existing investor. The IPO will be open for subscription from September 15 to 20 and is valued at ₹775 crore at the upper price band. SBI Capital Markets Ltd, DAM Capital Advisors Ltd, and IIFL Securities Ltd are the book-running lead managers for the IPO. Yatra Online reported a 92% YoY increase in consolidated revenue to ₹380.16 crore for fiscal year 2023, with a net profit of ₹7.63 crore.
