Online travel enterprise Easy Trip Planners on Friday raised a tiny more than Rs 229 crore from anchor investors, ahead of its initial share-sale, which will open for public subscription on Monday.
A total of 1,22,72,727 shares have been allocated to 35 anchor investors at Rs 187 per share, which is the upper finish of the price tag band. At this price tag, the enterprise mopped up Rs 229.5 crore, according to a circular uploaded on the BSE web-site.
Among the investors that have been allocated shares are HSBC Global Investment Funds, Nomura Funds Ireland Public Limited Company, Tata Trustee Company, Aditya Birla Sunlife Insurance Company, Sundaram Mutual Fund, Bajaj Allianz Life Insurance Company and Nippon Life India Trustee Company.
EaseMyTrip.com is operated by Easy Trip Planners Private Ltd.
The company’s initial public supplying is totally an give for sale. Through the IPO, the company’s founders Nishant Pitti and Rikant Pitti will every sell shares to the tune of Rs 255 crore by way of an give-for-sale mechanism.
Nishant and Rikant hold 49.81 per cent and 49.68 per cent stake, respectively, in the enterprise.
Also Read: Analyst Corner| Wipro bets huge on Capco lessen fair worth to Rs 450
The enterprise has fixed a price tag band of Rs 186-187 per share for its Rs 510-crore initial share-sale, which will open for public subscription on March 8 and conclude on March 10.
The object of the public concern is to reach the advantages of listing the equity shares on stock exchanges.
The enterprise expects that listing of the equity shares will boost its visibility and provide liquidity to its current shareholders.
The company’s concern is getting managed by Axis Capital and JM Financial.
Also Read: Ask the ideal concerns ahead of investing in mutual funds
Founded in 2008, Easy Trip Planners is an on the internet travel agency marketplace with offices across many Indian cities, such as Noida, Bengaluru, Mumbai and Hyderabad. Its international offices (as subsidiary firms) are situated in Singapore, the UAE and the UK.
The enterprise claimed that it was the only lucrative on the internet travel agency amongst the essential on the internet travel agencies in India through FY18-FY20 in terms of net profit margin.
In 2010, on the internet travel enterprise MakeMyTrip got listed on the Nasdaq.