 "Easy Trip Planners IPO shuts today; shares oversubscribed 7.20 times on Day 2")
The Rs 510-crore initial public offering (IPO) of Easy Trip Planners was subscribed 7.20 times on the second day of the bidding process, 9 March. According to the available information, IPO has received bids for 108.5 million equity shares against the IPO size of over 15.08 million shares.
On Day 2, 32.71 times subscription was made to the retail portion followed by 4.05 times for the non-institutional investor portion and the qualified institutional buyers saw 28 percent subscription. On Day 1, the shares were subscribed 2.33 times.
Investors planning to bid in the IPO can note that 10 March is the last day to do so post which the issue will close. The promoters of the company, Nishant Pitti and Rikant Pitti, are offering shares worth Rs 255 crore each at a price band of Rs 186 to Rs 187 per share. 49.81 per cent stake of the company is held by Nishant while Rikant holds 49.68 per cent stake.
The objective of the company behind the public issue is to use the proceedings to achieve the benefits of listing the equity shares on stock exchanges. The lead managers of the IPO include Axis Capital and JM Financial while the registrar is KFin Technologies.
In terms of booking volume (9MFY21), Easy Trip Planners is the 2nd largest Online Travel Agency (OTA) in India while it is the third-largest in terms of gross booking revenues (GBR; FY20). Over the last three years, it is the only profitable OTA in the country in terms of net profit margin.
On 19 March, 2021, the shares of the company are expected to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
Easy Trip Planners Private Ltd was founded in the year 2008 and is the parent company of EaseMyTrip.com. The company allows its customers to book flights, trains, buses, hotels, and holiday packages and also provides services like travel insurance, visa processing, etc.
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