Easy Trip Planners IPO Subscribed 7.24 Times On Day 2
Retail and non-institutional investors piled into the initial public offering of Easy Trip Planners on its second day, buoyed by the success of recent share sales at a time when Indian markets are scaling newer peaks.
The travel portal’s offering—which is the tenth so far this year—was subscribed 7.24 times as of 5 p.m. on March 9, according to exchange data.
Institutional investors, who stayed away from the issue on day 1, subscribed 28% on March 9.
- Institutional investors: 0.28 times
- Non-institutional Investors: 4.07 times
- Retail investors: 32.89 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 25.1% of 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.
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 December 31, 2020, according to its red herring prospectus. It had 10.32 million registered customers as of December 2020.