Online travel company Easy Trip Planner’s IPO opens, target to raise Rs 510 crore
The IPO of Easy Trip Planner, a company in the Tour and Travels sector, has opened since Monday. It will be a complete Offer for Sale (OFS). In this, promoters Nishant Pitti and Rikant Pitti will sell shares worth up to Rs 255 crore through the offer for sale. The company plans to raise Rs 510 crore. This will be the tenth IPO of 2021.
For the public issue, the price band has been fixed at Rs 186-187 per share. The IPO will remain open till 10 March. Its lead managers will be Axis Capital and JM Financial. The lot size is 80 shares held under the IPO.
229 crore raised from anchor investors
The company has already raised Rs 229 crore from 35 anchor investors before the issue, for which it issued 1.22 crore shares at Rs 187 per share. Anchor investors include Tata Trustee Company, Nomura Funds Ireland Public Limited Company, HSBC Global Investment Funds, Sundaram Mutual Fund, Bajaj Alliance Life Insurance and Nippon Life India.
About 56 thousand agents registered with the company
The company provides a tour and travel solution of travel, product and service, including providing tickets for airlines tickets, train tickets, bus tickets, taxi services, ancillary value-added services such as travel insurance, visa processing and other activities. As of March 2020, the company had 55,981 travel agents registered in almost all major cities of the country.
Offices are located in India and abroad
The company was launched in 2008. Its online travel agency is located in cities like Noida, Bangalore, Mumbai and Hyderabad. In addition, the company has offices in Singapore, UAE and UK.
Profit increased 10 times in two years
The company reported a profit of Rs 31 crore in the December quarter of 2020-21, up from Rs 3 crore in the March quarter. The staggering figure for the March quarter of 2018 was when the company had a profit of only Rs 3 crore. That is, in just two years the profit of the company increased by 10 times.
