New Delhi: Yatra Online Inc said its Indian subsidiary Yatra Online Ltd has received clearance from financial market regulator Sebi to launch an initial public offering (IPO).
The proposed IPO includes a new issue of capital shares worth up to Rs 750 crore by Yatra India and an offer to sell (SFO) of up to 9,328,358 capital shares, according to the draft prospectus of red herring (DRHP).
Under the SFO, THCL Travel Holdings Cyprus Ltd and Pandara Trust – Scheme I through its trustee Vistra ITCL (India) would offload shares.
Yatra Online Ltd received the final comment letter dated November 17 from Sebi as part of its DRHP filed in March, Nasdaq-listed Yatra Online Inc said in a statement.
In Sebi parlance, receiving an observation letter implies its permission to launch the IPO.
The proposed IPO may be opened for subscription within 12 months from the date of issue of the observation letter, the statement said.
According to the draft documents, the travel services provider plans to use the net proceeds from the new issue for strategic investments, acquisitions and inorganic growth and investments in customer acquisition and other growth initiatives. organic.
The proceeds would also be used for general corporate purposes.
The company is the leading business travel service provider in India with approximately 700 large corporate customers and over 46,000 registered SME customers.
SBI Capital Markets Ltd, DAM Capital Advisors Ltd and IIFL Securities Ltd are lead managers for the issue.