NEW DELHI: Online travel company Easy Trip Planners opened its Rs 510 crore initial public offering (IPO) for subscription on Monday. The price band has been kept at Rs 186-187 per share and the offer will conclude on March 10.
The issue is entirely an offer for sale (OFS) by two promoters (Nishant Pitti and Rikant Pitti), who are selling Rs 255 crore worth of shares each.
Nishant and Rikant hold 49.81 per cent and 49.68 per cent stake, respectively, in the company.
The online travel firm had raised a little over Rs 229 crore from anchor investors.
Here are key things to know about the Easy Trip Planners IPO:
* 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.
* Investors with allocated shares included 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.
* The company’s issue is being managed by Axis Capital and JM Financial.
* EaseMyTrip.com is operated by Easy Trip Planners Private Ltd.
* Founded in 2008, Easy Trip Planners has presence in 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 the Nasdaq.
(With inputs from PTI)