Easy Trip Planners Rs 510 crore IPO opens on March 8

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India’s second-largest online travel agency in terms of gross revenue Easy Trip Planners is set to raise Rs 510 crores through an initial public offering (IPO). The issue opens for subscription on March 8 and closes on March 10.

The Delhi-based online travel agency has fixed a price band of Rs 186-187 per share. Investors can bid for a minimum of 80 equity shares and in multiples, thereafter, translating to a minimum bidding amount of Rs 14,960 at the higher end of the price band. A retail investor can at max apply for 13 lots or 1,040 shares for 1,94,480.

The issue is a complete offer for sale in which promoters Nishant Pitti and Rikant Pittie will sell up to Rs 255 crore worth of shares each. Their holding in company pre-issue stands at 49.81% and 49.68% respectively.

As per industry sources in the grey market the issue is quoting at Rs 337-347 commanding a premium of 80-85% or Rs 150-160 per share.

Easy Trip Planners through its online platform EaseMyTrip.com 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.

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.

The book operating lead managers to the problem are Axis Capital Ltd and JM Financial Ltd, whilst the registrar to Easy Trip Planners is KFin Technologies.

Easy Trip will be the 10th issue of the calendar year 2021, after Indian Railway Finance Corporation, Indigo Paints, Home First Finance Company, Stove Kraft, Brookfield India REIT, Nureca, RailTel Corporation of India, Heranba Industries and MTAR Technologies.