Yatra Online raises Rs 348.75 crore from anchor investors ahead of IPO
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.
Related News
- 22 Sep
Samhi Hotels Stock Lists with 6.75% Premium, Analysts Recommend Booking Profits
Samhi Hotels stock made a weak debut on the stock exchanges, listing at a premium of just 6.75% over the IPO price. Several analysts have recommended booking profits in the stock, citing its loss-making status and negative net worth.
- 22 Sep
Signature Global IPO Subscribed 11.88 Times on Final Day
The Signature Global IPO was subscribed 11.88 times on the final day of bidding. The company will use the proceeds to repay debt and for land acquisitions and general corporate purposes. The IPO is expected to list on October 4, but this may change due to the new timeline of T+3.
- 22 Sep
Sai Silks IPO Oversubscribed 4.4 Times on Final Day of Bidding
Sai Silks IPO was oversubscribed 4.4 times on the final day of bidding, with qualified institutional buyers and high networth individuals supporting the issue on closing day. The net fresh issue proceeds will be utilized by the company mainly for the setting up of 30 new stores, two warehouses, working capital requirements and repaying debts. The trading in its equity shares will commence with effect from October 4, as per the IPO schedule.
- 22 Sep
Pharma company Valiant Laboratories to go public on September 27
Pharma company Valiant Laboratories is going public on September 27 at a price band of Rs 133-140 per share. The company plans to raise Rs 152.46 crore via the IPO. Proceeds will be used to fund the expenditure for setting up a manufacturing facility for speciality chemicals and for working capital requirements and general corporate purposes. Valiant Laboratories is a Mumbai-based API and bulk drug manufacturing company with a focus on Paracetamol. It is owned by the promoters including Dhanvallabh Ventures LLP, which holds 62.5 percent shareholding. Valiant Organics, the listed entity on the BSE and NSE, is the promoter of Dhanvallabh Ventures LLP with 73.15 percent stake.
- 21 Sep
Unihealth Consultancy makes tepid debut on NSE Emerge
Unihealth Consultancy, a healthcare service provider, made a tepid debut on the NSE Emerge platform on September 21, listing at Rs 135, a 2.2 percent premium over its issue price of Rs 132. The stock was trading at Rs 137.30 at 11.40 am. The company has a number of positives going for it, such as its strong growth potential, its diversified business model, and its focus on the African market. However, investors who are considering investing in Unihealth Consultancy should carefully consider the company's fundamentals, the current market conditions, and their own risk appetite before making a decision.
Leave a Reply