Yatra Online gets Sebi’s nod to float IPO
- ByStartupStory | November 21, 2022
Yatra Online Inc. announced that its Indian subsidiary, Yatra Online Ltd., has been given permission by capital markets regulator SEBI to conduct an initial public offering (IPO).
The draught red herring prospectus (DRHP) states that the proposed IPO consists of an offer for sale (OFS) of up to 9,328,358 equity shares and a fresh issue of equity shares by Yatra India, each with a maximum value of 750 crore (DRHP). The Pandara Trust, Scheme I, and THCL Travel Holdings Cyprus Ltd. would share through the trustee Vistra ITCL (India) as part of the OFS.
According to a statement released by Yatra Online Inc., which is listed on the Nasdaq, Yatra Online Ltd. has received the final observation letter from SEBI dated November 17 in relation to their DRHP filed in March. Getting an observation letter means that SEBI has given the go-ahead to issue the IPO, in their language. The observation letter’s issuance date, the statement said, is the deadline within which the planned IPO may begin accepting subscriptions.
According to the draft papers, the travel services provider intends to use the net proceeds from the new issuance for strategic investments, acquisitions, and inorganic expansion, as well as investments in customer acquisition and other organic growth activities.
Additionally, ordinary corporate uses would be made of the revenues. With over 46,000 registered small and medium-sized businesses (SME) clients and about 700 large corporate clients, the company is the top corporate travel service provider in India. The issue’s book-running lead managers are IIFL Securities Ltd., DAM Capital Advisors Ltd., and SBI Capital Markets Ltd.
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