E-Paper
Easy Trip Planners IPO closes today, oversubscribed 7.20 times
Nishant Pitti and Riskant Pitti, the founders of the company with over 49 per cent stake each, are planning to offload shares worth ₹255 crore each through the IPO. The shares of the company are expected to be listed on BSE and NSE on March 19.
The initial public offering (IPO) of online travel company Easy Trip Planners will close on Wednesday. It opened on Monday to strong demand and was oversubscribed 7.20 times on Tuesday, the second day of subscription.
The ₹510-crore issue received bids for 10,85,93,760 shares against 1,50,80,644 shares on offer, as per data available with the National Stock Exchange (NSE).
The company set a price band of ₹186-187 per share to raise ₹5,100 million through the offer for sale. Those interested can apply for a minimum of one lot of 80 shares.
The issue is completely an offer for sale. Nishant Pitti and Riskant Pitti, the founders of the company with over 49 per cent stake each, are planning to offload shares worth ₹255 crore each through the IPO.
The grey market premium on Easy Trip Planners shares is ₹160-165, according to grey market tracker Abhay Doshi.
The shares of the company are expected to be listed on Bombay Stock Exchange (BSE) and NSE on March 19.
Easy Trip Planners on Friday raised a little over ₹229 crore from anchor investors.
The company claims to be the leading travel agency in the country with a string network of 52,752 travel agents and over 9.27 million direct consumers, as of September 30, 2019. It has offices across various Indian cities, including Noida, Bengaluru, Mumbai and Hyderabad.
Its international offices (as subsidiary companies) are located in Singapore, the UAE and the UK. Axis Capital Limited and JM Financial Limited are the managers of the offer.
(With inputs from agencies)
