Home Agents/Operators/Trade People Easy Trip Planners to sell shares at Rs 186-187 apiece in IPO

Easy Trip Planners to sell shares at Rs 186-187 apiece in IPO

Easy Trip Planners, the holding company for online travel portal easemytrip.com, will sell shares at Rs 186-187 apiece through an initial public offering next week.

The company will launch its Rs 510-crore maiden float on March 8, according to its red herring prospectus. It comprises an offer-for-sale of 2.72 crore shares, amounting to 25.10 per cent of the paid-up equity. At the upper end of the price band, Easy Trip will be valued at Rs 2,031 crore.

Easy Trip’s IPO, the tenth so far in calendar year 2021, will close on March 10. “We have over Rs 200 crore cash in our books for future growth. The purpose of the IPO is listing and get valuation,” Prashant Pitti, whole time director at Easy Trip Planners, said in an interview with BloombergQuint.

Easy Trip earns more than 90 per cent of its revenue through air tickets booked on its website and mobile application. At the end of December 2020, it allowed customers to buy air tickets of two full-service and six low-cost airlines operating in India, and more than 400 full-service and nine low-cost airlines operating in other countries, the prospectus said. Yet, 75.25 per cent of its air-ticketing revenue is dependent on five domestic airlines.

The company plans to expand in the business-to-business and business-to-consumer space, aiming to tap enterprises and travel agents directly. The operational expenses for expanding these segment will be marginal, said Pitti.

Source: BloombergQuint