Easy Trip Planners IPO Subscribed 2.34 Times On Day 1
Easy Trip Planners’ IPO was subscribed 2.34 times as of 5 p.m. on March 8.
Retail investors lapped up shares of Easy Trip Planners, parent of online travel portal easemytrip.com, on the first day of its initial public offering, deriving optimism from the success of the recent share sales.
The issue—the tenth so far in 2021—was subscribed 2.34 times as of 5 p.m. on March 8, according to data available on the bourses.
Subscription details:
Institutional investors: 0.0 times
Non-institutional Investors: 0.15 times
Retail investors: 12.64 times
Easy Trip Planners IPO—set to end on March 10—comprises an offer-for-sale of 2.72 crore shares by the existing promoters, amounting to 25.10% of the paid-up equity and the price band has been fixed at Rs 186-187 apiece. At the upper end of the price band, Easy Trip will be valued at Rs 2,031 crore.
The sole purpose of the offer is listing on stock exchanges. The company has more than Rs 200 crore in cash and the issue will help it get a valuation, Prashant Pitti, whole-time director at Easy Trip, had told BloombergQuint in an interview prior to the launch of the IPO.
Easy Trip was founded in 2008 as a distribution channel (business to business to consumer) allowing travel agents book tickets for the offline market. In 2011, it started selling directly to customers (business to consumers) and two years later to corporates (business to enterprise). The company offers air, rail and bus tickets, hotel and holiday packages, and other value-added services.
The company provides customers an option to buy tickets without a convenience fee, ensuring a repeat transaction rate of 85.95% between April 1, 2017 and Dec. 31, 2020, according to its red herring prospectus. The company had 10.32 million registered customers as of December.