Yatra Online, Inc.'s Indian subsidiary to list on the Bombay Stock Exchange on September 28, 2023
MUMBAI, India and NEW YORK, Sept. 27, 2023 /PRNewswire/ -- Yatra Online, Inc. (NASDAQ: YTRA) announced that its Indian subsidiary, Yatra Online Limited, India's largest corporate travel services provider, will start trading on the Bombay Stock Exchange (BSE) on September 28, 2023 post its successful IPO of US$93 Million.
Yatra Online Limited raised primary capital of INR 602 crores or US$72 Million in its Indian IPO based on a pre-money valuation of US$193 Million, which equates to ~$3 per YTRA share.
Proceeds of the IPO will be used for:
- Strategic investments, acquisitions and inorganic growth
- Investment in customer acquisition and retention, technology, and other organic growth initiatives and
- General corporate purposes
Yatra Online Inc also benefits from an additional capital of ~US$21 Million by selling shareholder THCL (a wholly owned subsidiary of Yatra Online Inc.), which flows through to the parent entity Yatra Online, Inc.
Part of these proceeds will be used:
- To repay the MAK debt and
- To potentially initiate buyback of YTRA shares.
Post the IPO Yatra Online, Inc. to own ~65% of its Indian subsidiary Yatra Online Limited.
Additionally, the IPO will also be beneficial on several fronts as it:
- Provides a liquid stock that can be used for local M&A in India.
- Expands the shareholder base of the consolidated company by adding retail and institutional investors in India already familiar with Yatra's business and brand.
- Increases its visibility through a larger pool of equity analysts. We anticipate Analyst coverage to start 40 days post listing.
More details are available on the IR section of our website at
https://investors.yatra.com/home/default.aspx
About Yatra Online, Inc.
Yatra Online, Inc. is the ultimate parent company of Yatra Online Limited, India's leading corporate travel services provider with approximately 813 large corporate customers and one of India's leading online travel companies. The company provides information, pricing, availability and booking facility for domestic and international air travel, domestic and international hotel bookings, holiday packages, buses, trains, in city activities, inter-city and point-to-point cabs, homestays and cruises. With approximately 105,600 hotels and homestays contracted in approximately 1,490 cities across India, as well as approximately 2 million hotels around the world, the company is India's largest platform for domestic hotels.
For more information, please contact:
Manish Hemrajani
Yatra Online, Inc.
VP, Head of Corporate Development and Investor Relations
ir@yatra.com
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SOURCE Yatra Online, Inc.
