EaseMyTrip files papers with Sebi for Rs 510 Cr IPO
Online travel company EaseMyTrip has filed draft papers with capital markets regulator Sebi to float a Rs 510 crore initial public offering.
Through the IPO, company's founders Nishant Pitti and Rikant Pitti will each sell shares to the tune of Rs 255 crore through offer-for-sale mechanism, according to draft papers filed with the Securities and Exchange Board of India (Sebi).
EaseMyTrip.com is operated by Easy Trip Planners Private Ltd.
The company said the object of the public issue is to achieve the benefits of listing the equity shares on stock exchanges.
"Our company expects that listing of the equity shares will enhance our visibility and brand and provide liquidity to its existing shareholders," it added.
The company's issue is being managed by Axis Capital and JM Financial.
Founded in 2008, EaseMyTrip is an online travel agency market with offices across various Indian cities, including Noida, Bengaluru, Mumbai and Hyderabad. Its international offices (as subsidiary companies) are located in Singapore, the UAE, and the UK.
Commenting on the EMT expansion in the UK this June, Nishant Pitti, Co-founder & CEO of EaseMyTrip said, “UK is the sixth most popular tourist destination in the world, with more than 40 million people visiting the country in 2018. We foresee immense potential in this country for travel & tourism sector which will thus boost our business."
EMT, which has a strong footprint in the Indian market, registered a turnover of Rs 1956 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.
In 2010, online travel company MakeMyTrip got listed on the Nasdaq.
In April, MakeMyTrip had acquired a majority stake in Mumbai-based Quest2Travel India Private Limited (Q2T), to bolster its position in the corporate travel space. Also in the same month, the company filed with the Registrar of Companies (RoC) that it received Rs 103 crore from its holding entity in Mauritius SGG Holdings.
(Edited by Megha Reddy)