Online travel firm EaseMyTrip has filed draft papers with capital markets regulator Securities and Exchange Board of India(SEBI) is looking to raise Rs 510 crore through its IPO. Through the IPO, the company’s founders Nishant Pitti and Rikant Pitti will each sell shares worth nearly Rs 255 crore through an offer-for-sale mechanism, according to draft papers filed with the SEBI.The company said the purpose of the public issue is to produce the profits of listing the equity shares on stock markets
“Our company expects that listing of the equity shares will enhance our visibility and brand and provide liquidity to its existing shareholders,” it added
Founded in 2008 by brothers Rikant Pitti, Nishant Pitti, and Prashant Pitti. It offers deals on flight booking, hotels, and holiday packages and from 2011 they started dealing directly with customers working on incentives such as a waive-off of convenience fees charged by other agents which is one of its unique propositions for users.
EaseMyTrip has operations in various Indian cities includingNoida, Bengaluru, Mumbai, and Hyderabad. The travel firm has already established its presence in Thailand, UAE, Singapore, Maldives, and the U.K. It is also planning to set up offices in the U.S. and Europe. The company posted a net profit of Rs 29.3 crore in FY19 from Rs 6.6 crore in FY18.The revenue grew 33 % to Rs 151.1 crore
Currently, two Indian online travel companies — Makemytrip and Yatra– are listed on New York’s NASDAQ. MakeMyTrip Limited was listed on the NASDAQ in August 2010 while Yatra Publicly listed in December 2014.MakeMyTrip is the largest online travel service in India with 44 offices travel stores across 42 cities and also has offices in New York, Singapore, Kuala Lumpur, Phuket, Bangkok, and Dubai. Yatra became the second-largest online travel service in India, with a 30 percent share in travel firms.
