Friday, November 22

Yatra Online eyeing to raise $50 Mn via 9 Mn Share Sale

Yatra Online, country’s second largest travel aggregator is eyeing to raise an estimated $50 Mn (approx Rs 332.6 crores) via share sale, as revealed by its SEC filings.

The company has plans to share 9 million shares, where it is also offering additional 1.35 Mn shares to underwriters, which if exercised to full will lead total proceeds to 57 Mn.

As per filings with US Securities and Exchange Commission (SEC), the Nasdaq listed OTA said that company has plans to use the proceeds from the public market sale of shares towards “general corporate and business purpose”.

The offering is being managed jointly by Citigroup and Jefferies. The company has said in its official statement, that shares are expected to close around June 26, 2018 subject to customary conditions. Interestingly, the announcement has come right after Yatra Online informed that it is intending to raise $100 Mn in next three years.

The travel operator competes directly with popular names MakeMyTrip, ixigo, TravelTriangle, YuMiGo, HolidayIQ, ClearTrip, Expedia, Ebix-acquired Via.com, Hotels.com and Booking.com in the travel landscape.

Yatra currently has tie-ups with 70K hotels in India and around 800K across the globe. Backed by Norwest Venture Partners, Vertex Venture Management and others, Yatra had last year raised $15.4 Mn as venture debt from InnoVen Capital in September 2017.

Moreover, the company has clocked a strong fourth quarter result with both its primary businesses–air ticketing and hotels and packages–showing a steady growth for the three months ended March 31, 2018.