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Yatra Online IPO subscribed 10% on debut day so far

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The initial public offering of leading corporate travel company Yatra Online so far has seen muted response from investors on September 15, the first day of bidding. Participants have bought 29.45 lakh equity shares against the offer size of 3.09 crore shares, resulting into a 10 percent subscription.

Retail investors were at the forefront in terms of support to the offer, buying 49 percent shares of the allotted quota, which is 10 percent of the total issue size, while high networth individuals (non-institutional investors) have bid for 2 percent shares of reserved portion which is 15 percent to the IPO size.

Qualified institutional buyers (QIB), who have 75 percent reservation in the public issue, have not started putting in bids yet.

The country's third-largest online travel company is planning to raise Rs 775 crore via the IPO at the upper end of price band of Rs 135-142 per share.

The fresh issue component in the IPO is Rs 602 crore and the remaining funds will be raised via offer-for-sale worth Rs 173 crore.

Promoter THCL Travel Holding Cyprus, and investor Pandara Trust – SCHEME I (represented by its trustee Vistra ITCL (India) are the selling shareholers in the OFS component. Pandara Trust will be exiting the company by selling entire stake via OFS.

Yatra Online has already mopped up Rs 348.75 crore from anchor investors on September 14, a day before the issue opening. Goldman Sachs, Morgan Stanley, BNP Paribas Arbitrage, Societe Generale, Elara India Opportunities Fund, Whiteoak Capital, ICICI Prudential Mutual Fund, Tata Mutual Fund, and Max Life Insurance Company were some of investors participated in the anchor book.

Of the net fresh issue money, the company will spend Rs 150 crore for the strategic investments, acquisitions and inorganic growth, and Rs 392 crore for customer acquisition and retention, technology, and other organic growth initiatives. The remaining funds will be used for general corporate purposes.

Yatra, India's leading corporate travel services provider in terms of the number of corporate clients, has served over 1.4 crore cumulative travel customers as of March 2023, with over half of them signing up for the eCash loyalty program.

It claimed to be the third largest online travel company in India among key OTA (online travel agency) players in gross booking revenue and operating revenue for FY23.

Easy Trip Planners is the only comparable listed player for Yatra Online.

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