India's leading corporate travel services provider, Yatra Online Limited, successfully completed its anchor book under the Securities and Exchange Board of India's (SEBI) regulatory framework on Thursday. The subsidiary of Yatra Online, Inc. has secured INR 3487.50 Million (~US$42 Million) for its forthcoming initial public offering (IPO), set to open to public investors today and close on September 20, 2023.
The offering comprises a fresh issue of equity shares valued at INR 6,020 Million and an offer for sale (OFS) of up to 12,183,099 equity shares. These figures are predicated on a pre-money valuation of INR 16000 Million (~US$193 Million), translating to ~US$3.03 per share based on a basic share count of ~63.6 Million and ~US$2.90 per share based on a fully diluted share count of ~66.7 Million shares outstanding of Yatra Online, Inc.
The anchor book, which represents 45% of the total offer size combining the IPO and OFS, is now fully subscribed. Additionally, THCL Travel Holding Cyprus Limited, a wholly-owned subsidiary of Yatra Online, Inc., is set to receive proceeds amounting to ~US$20 Million from selling shareholder.
The final terms and size of the IPO are subject to market conditions and other factors. The book running process is being led by SBI Capital Markets Limited, DAM Capital Advisors Limited, and IIFL Securities Limited, with Link Intime India Private Limited serving as the Registrar to the Offer.
Upon successful completion of the IPO process, Yatra Online Limited plans to list its equity shares on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). As one of India's top corporate travel service providers and the third largest online travel company in terms of gross booking revenue and operating revenue, Yatra's IPO represents a significant event for the country's travel industry.
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