Easy Trip Planners Ltd,which is the parent company of online travel agency easemytrip.com, has received 7.20 times subscription for its Rs 510 crore initial public offering (IPO) on the second day of the bidding process onTuesday, March 9, 2021. According to the data available on the exchanges, the offering has received bids for 108.5 million equity shares against the IPO size of over 15.08 million shares. 32.71 times subscription were made to the retail portion, while 4.05 times for Non-institutional investor portion and 28 percent subscription was done for qualified institutional buyers, on day 2. The shares were also oversubscribed by 2.33 times on the first day of the bidding. Wednesday, March 10 is the last day for bidding.
The public offering of Easy Trip Planners comprises an offer for sale of Rs 255 crore each by its promoters, namely Nishant Pitti and Rikant Pitti, who are holding 49.81 percent and 49.68 percent stake, respectively, in the company. While Rs 186 – Rs 187 per share is the price band for the offering and 80 shares is the minimum order quantity.
The public offering was made mainly to use the proceedings to achieve share listing benefits and to sell equity shares aggregating up to Rs 510 crore. The registrar of the IPO is KFintech Private Limited while the two lead managers of the offering are Axis Capital Limited and JM Financial Consultants Private Limited.
According to the information provided by the brokerages,on March 19, the allotment of the IPO will take place, while from March 17, the refund process will be initiated. Also, on March 19 itself, the shares of the EaseMyTrip IPO are likely to get listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
Incorporated in 2008, Easy Trip Planners provides a comprehensive range of travel-related products and services to the general public which includes airline tickets, hotels and holiday packages, rail tickets, bus tickets and taxis, travel insurance, visa processing, etc.