Yatra Online’s Indian unit, which is listed on Nasdaq, has filed for an IPO of Rs 750 crore
- ByStartupStory | March 26, 2022
Yatra Online Ltd, a subsidiary of NASDAQ-listed online travel booking company Yatra Online Inc, has filed an initial public offering (IPO) with market regulator SEBI to earn Rs 750 crore through the sale of main and secondary shares.
The parent company said in a draft red herring prospectus to the Securities and Exchange Board of India that a unit of Yatra Online Inc, THCL (Travel Stake Cyprus Ltd), will dilute some of its holding in the Indian unit and sell roughly 8.9 million shares as part of the secondary share sale (SEBI).
The company intends to use the net proceeds from the fresh issue for strategic investments, acquisitions, and inorganic growth, as well as customer acquisition and other organic growth activities, according to the Draft Red Herring Prospectus (DRHP).
Panda Trust – Scheme I will also sell 430,000 shares through its trustee, Vistra ITCL, as part of the secondary market.
Yatra Online Inc, located in the United States, said the IPO of its Indian affiliate will allow it to reach out to more domestic investors who are now unable to engage in the parent firm due to legal restrictions. It will also help raise future financing from a bigger pool of analysts at higher valuations.
The net revenues from the IPO would be used for strategic investments, acquisitions, customer acquisition, and other growth activities, according to the company. The IPO’s principal book-runners are IIFL Securities, SBI Capital Markets, and DAM Capital Advisors.
In addition, the company may explore issuing further equity shares, including a private placement for up to Rs 145 crore. In this instance, the size of the new issue will be reduced. The issue’s book running lead managers are SBI Capital Markets Ltd, DAM Capital Advisors Ltd, and IIFL Securities Ltd.
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