Easy Trip Planners' IPO subscription begins: Check price band, listing date and more
Online travel company Easy Trip Planners has fixed a price band of Rs 186-187 per share for its Rs 510-crore initial share-sale, which will open for public subscription on March 8. The three-day issue would close on March 10 and the anchor investors portion would be open for subscription on March 5.
EaseMyTrip. com is operated by Easy Trip Planners Private Ltd. The company's initial public offering is entirely an offer for sale.
Through the IPO, company's founders Nishant Pitti and Rikant Pitti will each sell shares to the tune of Rs 255 crore through offer-for-sale mechanism. Nishant Pitti and Rikant Pitti hold 49.81 per cent and 49.68 per cent stake, respectively, in the company.
The New Delhi-based company said the object of the public issue is to achieve the benefits of listing the equity shares on stock exchanges. The company expects that listing of the equity shares will enhance its visibility and brand and provide liquidity to its existing shareholders. The company's issue is being managed by Axis Capital and JM Financial.
Founded in 2008, Easy Trip Planners is an online travel agency market with offices across various Indian cities, including Noida, Bengaluru, Mumbai and Hyderabad. Its international offices (as subsidiary companies) are located in Singapore, the UAE and the UK.
The company claimed that it was the only profitable online travel agency among the key online travel agencies in India during FY18-FY20 in terms of net profit margin. In 2010, online travel company MakeMyTrip got listed on Nasdaq.
Ahead of its initial share-sale, online travel company Easy Trip Planners has raised a little over Rs 229 crore from anchor investors. A total of 1,22,72,727 shares have been allocated to 35 anchor investors at Rs 187 per share, which is the upper end of the price band. At this price, the company mopped up Rs 229.5 crore, according to a circular uploaded on the BSE website. Among the investors that have been allocated shares are HSBC Global Investment Funds, Nomura Funds Ireland Public Limited Company, Tata Trustee Company, Aditya Birla Sunlife Insurance Company, Sundaram Mutual Fund, Bajaj Allianz Life Insurance Company and Nippon Life India Trustee Company.
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