Business
Yatra Online Inc. Announces the Successful Completion of the IPO of its Indian Subsidiary of INR 7750 Million (~US$93 Million)
Mumbai, India and New York, New York--(Newsfile Corp. - September 20, 2023) - Yatra Online, Inc. (NASDAQ: YTRA) (the Company) announced that its Indian
About this update from Yatra Online, Inc.
[{"type":"text","content":"Mumbai, India and New York, New York--(Newsfile Corp. - September 20, 2023) - Yatra Online, Inc. (NASDAQ: YTRA) (the Company) announced that its Indian Subsidiary, Yatra Online Limited, India's largest corporate travel services provider, has successfully closed its Indian Initial Public Offering will full subscription of INR 7750 Million (~US$93 Million).\nThe successful IPO will be beneficial on multiple fronts as it:\n\nSignificantly strengthens Yatra's balance sheet not only at the India operating level but also adds ~US$ 21M in cash to Yatra Online Inc., which can potentially be used for share buybacks.\n\n\nProvide a liquid stock that can be used for local M&A in India.\n\n\nExpands the shareholder base of the consolidated company by adding retail and institutional investors in India already familiar with Yatra's business and brand.\n\n\nIncreases its visibility through a larger pool of equity analysts.\n\nSBI Capital Markets Limited, DAM Capital Advisors Limited and IIFL Securities Limited are the book running lead managers and Link Intime India Private Limited is the Registrar to the Offer. The Equity Shares are proposed to be listed and commence trading on BSE and NSE on September 27th 2023.\nAbout Yatra Online, Inc.\nYatra Online, Inc. is the ultimate parent company of Yatra Online Limited (Formerly known as Yatra Online Private Limited) whose corporate office is based in Gurugram, India and is India's leading corporate travel services provider with approximately 813 large corporate customers and one of India's leading online travel companies and operates the website https://www.yatra.com/. The company provides information, pricing, availability and booking facility for domestic and international air travel, domestic and international hotel bookings, holiday packages, buses, trains, in city activities, inter-city and point-to-point cabs, homestays and cruises. With approximately 105,600 hotels and homestays contracted in approximately 1,490 cities across India, as well as approximately 2 million hotels around the world, the company is India's largest platform for domestic hotels. The company has also broadened its services in to the logistics vertical through a freight forwarding business called Yatra Freight to further expand its corporate service offerings.\nSafe Harbor Statement\nThis press release contains certain f...