Online travel agency Easy Trip Planners has fixed a price band at Rs 186-187 per share for its upcoming public issue. The said issue is going to open for subscription on March 8.
Investors can bid for a minimum of 80 equity shares and in multiples of 80 shares thereafter, which translates the minimum bidding amount to Rs 14,960 at a higher end of the price band.
Easy Trips will garner Rs 510 crore through its public offer which is a complete offer for sale. Promoters Nishant Pitti and Rikant Pittie will offload up to Rs 255 crore worth of shares each via offer for sale.
Promoters held 49.81 percent and 49.68 percent stake, respectively in the company. The issue will close on March 10, 2021, and the anchor book, if any, will open for a day on March 5.
Easy Trip Planners offers a comprehensive range of travel-related products and services for end-to-end travel solutions, including airline tickets, hotels and holiday packages, rail tickets, bus tickets and taxis as well as ancillary value-added services such as travel insurance, visa processing and tickets for activities and attractions.
As of March 2020, it had 55,981 travel agents registered with the company across almost all major cities in India. According to a CRISIL report, it had the largest network of travel agents among key online travel agencies. Furthermore, the number of travel agents registered with the company increased to 59,274, as of December 2020.
The company has been consistently profitable since incorporation, and according to the CRISIL report, 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.
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Its market share in the total Indian online travel agency industry in terms of gross booking revenues and gross booking revenues for airline ticketing segment was approximately 4.6 percent, and 5.5 percent-6.5 percent, respectively, in FY20.
Axis Capital and JM Financial are the book-running lead managers to the issue.
