Yatra Online raises Rs 348.75 crore from anchor investors ahead of IPO

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Yatra Online, the country’s third-largest online travel company, has raised Rs 348.75 crore from 33 anchor investors ahead of its initial public offering (IPO), which opens on September 15.

The anchor investors include marquee names such as Morgan Stanley, Goldman Sachs, Societe Generale, BNP Paribas Arbitrage, Elara India Opportunities Fund, Whiteoak Capital, and Quantum-State Investment Fund.

ICICI Prudential Mutual Fund, Mirae Asset, Tata Mutual Fund, Bandhan Mutual Fund, Max Life Insurance Company, Bajaj Allianz Life Insurance Company, and Edelweiss Trusteeship also invested in the company via the anchor book.

The corporate travel company has finalized the allocation of 2,45,59,860 equity shares to anchor investors at a price of Rs 142 per share. Out of the total allocation to anchor investors, 1,48,59,390 equity shares were allocated to six domestic mutual funds through a total of 19 schemes.

Yatra Online will launch its Rs 775-crore IPO on September 15, comprising a fresh issuance of shares worth Rs 602 crore and an offer-for-sale (OFS) of 1,21,83,099 equity shares worth Rs 173 crore, at the upper price band, by the promoter and an investor.

The price band for the offer has been fixed at Rs 135-142 per share. The IPO will close on September 20.

The proceeds from the IPO will be used for strategic investments, acquisitions and inorganic growth at a cost of Rs 150 crore, and investment in customer acquisition and retention, technology, and other organic growth initiatives, estimated at a cumulative sum of Rs 392 crore. The company will use the remaining funds for general corporate purposes.

Yatra Online is the India’s largest corporate travel services provider in terms of the number of corporate clients and the third largest online travel company in India among key OTA (online travel agency) players in terms of gross booking revenue and operating revenue, for FY23.

The company has a strong track record of growth, with its revenue and earnings growing at a CAGR of 25% and 30%, respectively, over the past three years. It is also the market leader in the corporate travel segment, with a market share of over 30%.

The IPO is expected to be well-received by investors, given the company’s strong growth prospects and the attractive valuation.


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