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Business News/ Markets / Stock Markets/  Easy Trip Planners IPO: Price band fixed at 186-187 per share
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Easy Trip Planners IPO: Price band fixed at ₹186-187 per share

The IPO comprises an offer for sale of ₹255 crore each by its promoters Nishant Pitti and Rikant Pitti. The listing will be on or around 19 March

Easy Trip Planners to raise ₹510 crore through initial public offer (Bloomberg)Premium
Easy Trip Planners to raise 510 crore through initial public offer (Bloomberg)

Easy Trip Planners Ltd has fixed the price band of its 510 crore initial public offering (IPO) at 186-187 per share. The offer will open on 8 March and close 10 March.

The IPO comprises an offer for sale of 255 crore each by promoters Nishant Pitti and Rikant Pitti. The listing will be on or around 19 March. Nishant Pitti and Rikant Pitti hold 49.81% and 49.68% stake, respectively, in the company.

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The company said it may, in consultation with the book running lead managers, consider participation by anchor investors in accordance with Sebi's issue of capital and disclosure requirements. The anchor investor bidding date shall be one working day prior to the bid/offer opening date.

Axis Capital and JM Financial are the book lead manager to the issue.

For nine month ended December 2020, the company posted a revenue of 49.25 crore, down 65% from a year ago. Net profit fell 10.21% to 31.11 crore against 34.65 last year same period. Net debt for the period stood at 85.24 crore.

The company said in its draft red herring prospectus or DRHP that due to covid-19 pandemic outbreak, its businesses, results of operation, financial positions and cash flows were materially and adversely affected.

Domestic and international travel restrictions imposed in India also disrupted its revenue lines. Such restrictions have continued for the greater part of the nine months ended December 2020 with only some domestic travel and government approved international travel operations commencing in June 2020.

"This has resulted in a decrease in our Gross Booking Revenue and Gross Booking Volumes. Our Gross Booking Revenues decreased from 3179.80 crore in the nine months ended December 2019 to Rs1220.76 crore in the nine months ended December 2020. Further, our Gross Booking Volumes decreased from 4.05 million to 1.77 million."

The company offers a comprehensive range of travel-related products and services for end-to-end travel solutions, including airline tickets, hotels and holiday packages, rail tickets, bus tickets and taxis as well as ancillary value added services such as travel insurance, visa processing and tickets for activities and attractions.

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Published: 03 Mar 2021, 09:45 AM IST
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