Easy Trip Planners Fixes IPO at Rs 186-187 Per Share

Easy Trip Planners Ltd has fixed the price band of its Rs 510 crore initial public offering (IPO) at Rs 186-187 per share. The offer will open on 8 March and close 10 March. The IPO comprises an offer for sale of Rs 255 crore each by promoters Nishant Pitti and Rikant Pitti. The listing will be on or around 19 March. Nishant Pitti and Rikant Pitti hold 49.81 per cent and 49.68 per cent stake, respectively, in the company. The company said it may, in consultation with the book-running lead managers, consider participation by anchor investors in accordance with Sebi’s issue of capital and disclosure requirements. The anchor investor bidding date shall be one working day prior to the bid/offer opening date.

Axis Capital and JM Financial are the book lead manager to the issue. For nine month ended December 2020, the company posted a revenue of Rs 49.25 crore, down 65 per cent from a year ago. Net profit fell 10.21 per cent to Rs 31.11 crore against Rs 34.65 last year in the same period. Net debt for the period stood at Rs 85.24 crore.

The company said in its draft red herring prospectus or DRHP that due to covid-19 pandemic outbreak, its businesses, results of operation, financial positions and cash flows were materially and adversely affected. Domestic and international travel restrictions imposed in India also disrupted its revenue lines. Such restrictions have continued for the greater part of the nine months ended December 2020 with only some domestic travel and government approved international travel operations commencing in June 2020.

“This has resulted in a decrease in our Gross Booking Revenue and Gross Booking Volumes. Our Gross Booking Revenues decreased from Rs 3179.80 crore in the nine months ended December 2019 to Rs1220.76 crore in the nine months ended December 2020. Further, our Gross Booking Volumes decreased from 4.05 million to 1.77 million.”

The company offers a comprehensive range of travel-related products and services for end-to-end travel solutions, including airline tickets, hotels and holiday packages, rail tickets, bus tickets and taxis as well as ancillary value added services such as travel insurance, visa processing and tickets for activities and attractions.

Get Daily Prediction & Stocks Tips On Your Mobile

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More