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Traveltech Startup Yatra Online Ltd has set a price band of Rs 135-142 a share for its initial public offering which will open for subscription on September 15. The anchor book will start on 14 September and the issue will close on September 20.
The basis of allotment will be announced on September 25 and equity shares will be credited to demat accounts on September 26. The firm will list on exchanges on September 29.
The firm plans to raise Rs 602 crore via fresh issue and an offer for sale of up to 12.18 million shares from its promoters and existing shareholders. On the upper-end price band, the total issue size comes at Rs 775 crore while the firm is valued at Rs 2,230 crore.
Promoter THCL Travel Holding Cyprus will offload 1.75 million shares, while investor Pandara Trust – SCHEME I, represented by its trustee Vistra ITCL (India), plans to exit the company by selling its entire 4,31,360 shares through the OFS.
The company will utilise the net fresh issue proceeds for strategic investments, acquisitions and inorganic growth amounting to Rs 150 crore, and investment in customer acquisition and retention, technology, and other organic growth initiatives, estimated at a cumulative sum of Rs 392 crore. The remaining money will be used for general corporate purposes.
Promoters THCL Travel Holding Cyprus holds an 88.91 percent stake in Yatra Online and Asia Consolidated DMC Pte Ltd 9.68 percent, while Network18 Media & Investments, and Reliance Retail, subsidiaries of Reliance Industries, are the public shareholders in the company with 0.95 percent and 0.08 percent stake, respectively.
Yatra Online claimed to be India’s largest corporate travel services provider in terms of the number of corporate clients and the third largest online travel company in India among key OTA (online travel agency) players in terms of gross booking revenue and operating revenue, for FY23. It has the largest number of hotel and accommodation tie-ups among key domestic OTA players with over 21,05,600 tie-ups, as of March FY23.
SBI Capital Markets, DAM Capital Advisors, and IIFL Securities are the merchant bankers to the issue, while Link Intime India is the registrar.
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