Yatra hopeful of India IPO by end of this fiscal

Leading online travel firm Yatra is expected to go ahead with its Indian IPO by the end of this financial year.

Listed on Nasdaq in December 2016, the company announced on March 25 that its Indian subsidiary, Yatra Online Ltd., has filed a draft red herring prospectus (DRHP) with markets regulator SEBI for an initial public offering (IPO). Primary proceeds of Rs 750 crore or approximately $100 million and secondary offering of 88,96,998 equity shares by THCL Travel Holding Cyprus Limited, a subsidiary of Yatra Online Inc., which constitutes approximately 8 per cent of Yatra Online’s outstanding shares.

“We are in the early stages of the IPO processes and are awaiting the approval of SEBI. Through primary and secondary offerings, we will try to raise an amount of around ₹1,000 crore. So our effort will be to bring the IPO by the end of this financial year. business Line,

Shringi is also the Co-Chairman of FICCI’s Travel, Tourism and Hospitality Committee. According to him, the fund will be used primarily for expansion in India, besides allowing the company to raise capital at potentially higher valuations thereby reducing dilution and balance sheet risk.

India’s largest online portal, MakeMyTrip is listed on Nasdaq, while the country’s other major player, EaseMyTrip is listed on Indian exchanges – NSE and BSE. Another portal Ixigo is also planning to launch an IPO.

business recovery

Shringi said, “The recovery has been very strong” on both the B2B and B2C sides.

Corporate demand – mainly led by large organisations, IT companies, BFSIs and consulting firms – is trending in India with numbers near 70-80 per cent of pre-Covid levels. The journey is “across the board” between the top, middle and junior management levels. This has resulted in improved hotel room rates in metros, cities and Tier-I cities.

Hotel ARR (average room rates) is up significantly with rates in leisure destinations “trending north of pre-pandemic levels”. “As you know, hotel ARR is a function of the select micro-market. In leisure destinations, they are moving north of pre-pandemic; while business destinations are approaching pre-pandemic levels,” he said.

‘No immediate pressure’

According to Shingi, there is no immediate pressure on domestic leisure travel segments despite the opening of international destinations and resumption of flights to and from the country.

“I think at the moment, there is such a suppressed demand that all boats will pick it up. Maybe at some point, in a year or so, we may see some impact. But for now, international and domestic needs are being met. There is enough demand to do that.”

“There is demand and growth in the market. So people are traveling to tap on that. Hence, it has made a strong recovery in the sector (corporate travel) and hence not only CXOs traveling. It’s a more broad-based trend.”

Published on

May 08, 2022

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