Stocks

Easy Trip Planners' ₹510-cr IPO to open on March 8

PTI New Delhi | Updated on March 03, 2021

The price is set at ₹186-187 per share

Online travel company Easy Trip Planners on Wednesday fixed a price band of ₹186-187 per share for its ₹510-crore initial share-sale, which will open for public subscription on March 8.

The company's initial public offering is entirely an offer for sale, Easy Trip Planners said in a virtual press conference.

Through the IPO, company's founders Nishant Pitti and Rikant Pitti will each sell shares to the tune of ₹255 crore through offer-for-sale mechanism.

Nishant and Rikant Pitti hold 49.81 per cent and 49.68 per cent stake, respectively, in the company. EaseMyTrip.com is operated by Easy Trip Planners Private Ltd.

The three-day issue would close on March 10 and the anchor investors portion would be open for subscription on March 5.

The city-based company said the object of the public issue is to achieve the benefits of listing the equity shares on stock exchanges.

The company expects that listing of the equity shares will enhance its visibility and brand and provide liquidity to its existing shareholders.

The company's issue is being managed by Axis Capital and JM Financial.

Founded in 2008, Easy Trip Planners is an online travel agency market with offices across 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 Nasdaq.

Published on March 03, 2021

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