Online travel company EaseMyTrip has filed draft papers with SEBO to float a ₹510 crore (~$72 Million) initial public offering (IPO). The company’s issue is being managed by Axis Capital and JM Financial.
Through this, the company’s founders Nishant Pitti and Rikant Pitti will each sell shares to the tune of ₹255 crore through offer-for-sale mechanism.
According to the company, the object of the public issue is to achieve the benefits of listing the equity shares on stock exchanges. The company said: “our company expects that listing of the equity shares will enhance our visibility and brand and provide liquidity to its existing shareholders.”
EaseMyTrip, which is being operated by Easy Trip Planners Private Ltd., was founded in the year 2008. It is an online travel agency with offices across various Indian cities, including Noida, Bengaluru, Mumbai and Hyderabad.
The company also has international presence, with offices (as subsidiary companies) located in Singapore, the UAE and the UK.
In India, the company registered a turnover of ₹1,956 crore in FY 2017-18 with the total ticket sales exceeding to more than 50 percent in FY 2018-19 and a customer base of more than 8 million.
MakeMyTrip, the prime competitor for EaseMyTrip within India, got listed on Nasdaq in 2010. After the listing of MakeMyTrip, this will be the second biggest online travel portal from India to offer IPO.
