Yatra IPO price set at ₹135-142 apiece, steep discount to pre-issue share deal
₹135-142 apiece, which is at a sharp discount to the price at which the company had issued shares to one of its promoters last year. 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. Nasdaq-listed Yatra Online, Inc., founded by Dhruv Shringi, is the parent company of Yatra Online Ltd.
(formerly known as Yatra Online Private Limited). The IPO, which comprises 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 existing investor, will be open for subscription from 15 September to 20 September. The total public float is valued at ₹775 crore at the upper price band, according to regulatory filings.
Shares of Yatra’s closest rival Easy Trip Planners Ltd., which listed in March 2021 through a ₹510 crore IPO, has fallen 21% over the past year. Yatra, founded in 2006, offers flight, hotels and bus booking, apart from vacation package. EaseMyTrip focuses primarily on flight and hotel booking services.
THCL Travel Holding Cyprus Ltd. with a 88.64% holding in Yatra, will offload 8.89 million shares in the IPO, while investor “Pandara Trust – Scheme I Represented By Its Trustee Vistra Itcl (India) Ltd" will offload 4,31,360 shares, according to Yatra’s draft red herring prospectus (DRHP). Asia Consolidated DMC Pte.
Ltd. (Singapore), with 9.91% stake is Yatra Online’s other promoter. The company said ₹150 crore from the IPO proceeds will be used for strategic investments, acquisitions, and inorganic growth, while ₹392 crore could be used for investments in customer acquisition and
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