Woodkirk Stone
NASDAQ-listed online travel booking site Yatra Online Inc has filed an initial public offering (IPO) for its Indian unit, Yatra Online Ltd, with market regulator SEBI to raise Rs 750 crore via the sale of primary and secondary shares.
A unit of Yatra Online Inc, THCL (Travel Holding Cyprus Ltd) will dilute part of its stake in the Indian unit and sell approximately 8.9 million shares in the secondary stock sale, the company said mother in a draft red herring to the Securities and Exchange Board of India (SEBI).
Panda Trust – Scheme I – through its trustee Vistra ITCL – will also unload some 430,000 shares in the secondary sale.
US-based Yatra Online Inc said the IPO of its Indian unit will help it gain access to more domestic investors who are currently barred from investing in the parent company due to regulatory constraints. It will also help raise future capital at increased valuations from more analysts.
The company said it will use the net proceeds from the IPO for strategic investments, acquisitions, investing in customer acquisition and undertaking other growth initiatives.
IIFL Securities, SBI Capital Markets and DAM Capital Advisors are the lead bookrunners for the IPO.