The initial public offering of Easy Trip Planners worth Rs 510 was subscribed 2.33 times on Monday (8 March), the first day of the bidding process.
The IPO received bids for 3.51 crore equity shares against an offer size of 1.5 crore equity stocks. The subscription was made 12.58 times for the portion reserved for retail investors, while the non-institutional category received a 15 percent subscription and no bid was received by the qualified institutional buyer's category.
The public offering by the company is entirely an offer for sale where the founders of the company, Nishant Pitti and Rikant Pitti, will sell shares worth Rs 255 crore each. Nishant holds 49.81 percent stake while Rikant holds 49.68 per cent stake in the company.
A price band of Rs 186-187 per share has been fixed by the company for its three-day offering, which will conclude on Wednesday (10 March). Easy Trip Planners IPO can be subscribed by the investors who are willing to do so by bidding in a lot of 80 equity shares and multiples thereafter.
On 5 March, Easy Trip Planners had also raised over Rs 229 crore from anchor investors. The main motive of the company behind the public issue is to use the proceedings to achieve the benefits of listing the equity shares on stock exchanges. Axis Capital and JM Financial are the lead managers of the IPO for the company while KFin Technologies is the registrar.
Easy Trip Planners Private Ltd operates EaseMyTrip.com and was founded in the year 2008. Being an online travel agency, the company allows its customers to book flights, trains, buses, hotels and holiday packages and also offers various services like travel insurance, visa processing, etc via its website and the EaseMyTrip mobile app. The company has offices across various Indian cities including Noida, Bengaluru, Mumbai, and Hyderabad.
In terms of volume booking, the company is ranked second among the key online travel agencies in India in the nine months ended December 2020. It also ranked third among gross booking revenues in FY20. Also, during FY18-FY20, it was the only profitable online travel agency among its peers.
Easy Trip Planners had the highest CAGR during FY18-FY20 in terms of gross booking revenue and operating revenues with a market share of 4.6 percent in FY20.
from Firstpost India Latest News https://ift.tt/3qu0oac
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