Business
Yatra Online, Inc.'s Indian Subsidiary, Yatra Online Limited, Files Draft Red Herring Prospectus
Proceeds of IPO to Fund Range of Organic Growth Initiatives and Strategic Investments Gurugram, India and New York, New York--(Newsfile Corp. - March 25,
About this update from Yatra Online, Inc.
[{"type":"text","content":"Proceeds of IPO to Fund Range of Organic Growth Initiatives and Strategic Investments\nGurugram, India and New York, New York--(Newsfile Corp. - March 25, 2022) - Yatra Online, Inc. (NASDAQ: YTRA), India's leading corporate travel services provider and one of India's leading online travel companies today announced that its Indian subsidiary, Yatra Online Limited, filed a Draft Red Herring Prospectus (\"DRHP\") with the Securities and Exchange Board of India (\"SEBI\") on March 25, 2022, for an initial public offering (the \"IPO\") aggregating up to INR 7,500 million or approximately US$100 million of primary proceeds and a secondary offering of up to 8,896,998 Equity Shares by THCL Travel Holding Cyprus Limited (\"THCL\"), a subsidiary of Yatra Online, Inc., which amounts to approximately 8% of the shares outstanding of Yatra Online Limited. You can find more details on the filing at https://investors.yatra.com.\n\"Over the last 15 years, we have grown our business to become one of India's leading online travel agencies,\" said Dhruv Shringi, Chief Executive Officer of Yatra Online, Inc. \"The Indian travel industry is expected to continue to grow, driven by development of tourism infrastructure, rising discretionary spending and more frequent business and leisure travel. With this proposed equity offering, we will be able to tap into a complementary shareholder base which provides a tremendous opportunity to benefit from growing tourism spending in India and to accelerate the important growth initiatives we have underway, driving value for our investors over the long-term.\"\nYatra Online, Inc. expects that the IPO in India of Yatra Online Limited will enable the company to:\n\n\nAccess domestic Indian institutional and retail investors who are currently excluded from investing in Yatra Online, Inc. through its NASDAQ listing due to regulatory constraints.\n\n\nExpand the potential shareholder base of the consolidated company to add the Indian capital markets and increase its visibility to a larger pool of equity analysts.\n\n\nRaise capital at a potentially higher valuation thereby reducing dilution and balance sheet risk.\n\n\nThe extent of dilution of Yatra Online, Inc. on account of primary issuance of shares and the value of proceeds through secondary sale of shares by THCL will be determined by a price discovery process. ...