EaseMyTrip files for IPO

Easy Trip Planners Ltd, which operates one of the largest India travel portals by gross booking revenue, EaseMyTrip, has filed a draft prospectus with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).The size of the IPO is pegged at Rs 510 crore.

The company offers a range of travel-related products and services, including airline, rail and bus tickets, hotels and holiday packages, travel insurance, visa processing, and tickets for activities and attractions. It claims that it has been profitable since incorporation.

EaseMyTrip accounted for 3.8 per cent market share of gross bookings in India’s online travel industry. As of November 2019, the company provided its clients tickets for more than 400 international and domestic airlines, 1.09 million Indian and overseas hotels, almost all the railway stations in India, and bus tickets to and taxi rentals for major cities in the country. It is affiliated with over 52,752 travel agents across major Indian cities as of September 2019.

This IPO will make Easy Trip Planners the first Indian travel company to list on Indian bourses and will join a handful of internet companies that have recently gone public. MakeMyTrip, India’s largest online travel company, was listed on the NASDAQ in 2013.

The company will not directly receive any proceeds from the IPO. The proceeds from the sale of shares will go to the promoter selling shareholders. Axis Capital and JM Financial are the merchant bankers, arranging and managing the IPO. AZB & Partners is the legal counsel to the company. Khaitan & Co. and Squire Patton Boggs (MEA) LLP are India and international legal counsel to the merchant bankers.