Yatra Online Attracts Rs 348.75 Crore from Anchor Investors Ahead of IPO

15 Sep 2023 , 09:58 AM

Yatra Online, the third-largest online travel company in India, successfully secured Rs 348.75 crore from 33 anchor investors on September 14, just one day ahead of the launch of its initial public offering (IPO).

In its filing to the exchanges, the corporate travel firm disclosed the allocation of 2,45,59,860 equity shares to anchor investors at a price of Rs 142 per share. Among the prestigious investors who participated in the anchor book were notable names such as Morgan Stanley, Goldman Sachs, Societe Generale, BNP Paribas Arbitrage, Elara India Opportunities Fund, Whiteoak Capital, and Quantum-State Investment Fund. Additionally, ICICI Prudential Mutual Fund, Mirae Asset, Tata Mutual Fund, Bandhan Mutual Fund, Max Life Insurance Company, Bajaj Allianz Life Insurance Company, and Edelweiss Trusteeship also joined the company’s anchor book.

Out of the total allocation to anchor investors, a significant portion, comprising 1,48,59,390 equity shares, was assigned to six domestic mutual funds across a total of 19 schemes.

Yatra Online is set to launch its Rs 775-crore initial public offering on September 15, featuring a fresh issuance of shares valued at Rs 602 crore and an offer-for-sale (OFS) component of 1,21,83,099 equity shares, worth Rs 173 crore at the upper price band. This OFS is being conducted by the promoter and an investor.

The price range for the offering, which concludes on September 20, has been established at Rs 135-142 per share.

The net proceeds from the fresh issue will be directed towards strategic investments, acquisitions, and inorganic growth activities, with an estimated expenditure of Rs 150 crore. Additionally, funds will be allocated to customer acquisition and retention, technology enhancements, and other organic growth initiatives, amounting to a cumulative total of Rs 392 crore. The company will utilize the remaining funds for general corporate purposes.