Easy Trip Planners set price band for March 8 IPO at ₹186-187
Easy Trip Planners plans to debut on the bourses by raising ₹510 crore through its initial public offering (IPO). The online travel agency has set the price band for its IPO at ₹186-187 per share. The IPO is likely to open for subscription on March 8 and close on March 10.
Founded by Nishant Pitti and Rikant Pitti in 2008 will offload shares worth ₹255 crore each through an offer for sale.
Investors can bid for a minimum of 80 equity shares making the minimum bidding amount to ₹14,960. The maximum lot size available is 1,040 shares that translates to a maximum amount of ₹1,94, 480.
Both the promoters, Nishant Pitti and Rikant Pitti, hold 49.81 per cent and 49.68 per cent stake, respectively in the company.
The rival of four times huge MakeMyTrip, Easy Trip Planners or Ease My Trip operates on a B2B2C (business to business to customer) model. The company offers access to travel agents to book domestic air travel tickets in order to capitalise on the offline travel market. The B2C model of the company started in 2011 when it started focusing on the Indian middle class for their travel needs. The company has also furthered its model to B2E (business to enterprise) distribution channel to offer end-to-end travel solutions to its corporate clients.
The company is known to avoid any hidden cost in its travel arrangements that can increase the fare prices for the customers to make it affordable and accessible. It also provided the option of a no-convenience fee, so that the customers are not required to pay any service fee where there is no discount or coupon.
Tapping the offline travel market, the company claims to have a strong network of 52,752 travel agents as of September 30, 2019. The company also says that it has more than 9.27 million customers directly associated with it.
The IPO is scheduled to be listed on March 19, 2021.