Yatra Online's Indian Arm Takes A Stock Market Leap: A Glimpse At The Upcoming BSE Debut

Yatra Online, Inc.’s YTRA Indian subsidiary, Yatra Online Limited, is set to commence trading on the Bombay Stock Exchange on September 28, 2023, following a successful IPO of $93 million.

The parent company, Yatra Online, will retain ~65% ownership in its Indian subsidiary. Yatra Online Limited secured INR 602 crores ($72 million) in primary capital from its IPO, with a pre-money valuation of $193 million. This places the value at about $3 per YTRA share.

Proceeds from the IPO will be utilized for strategic investments, acquisitions and inorganic growth, investment in customer acquisition and retention, technology, and other organic growth initiatives, as well as for general corporate purposes.

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Yatra Online also benefits from an additional capital of ~$21 million by selling shareholder THCL, which flows through to the parent entity. A portion of these proceeds is slated for the repayment of the MAK debt and potentially initiating a buyback of YTRA shares.

The IPO offers a liquid stock for local M&A in India, expands the shareholder base by including Indian retail and institutional investors, and increases visibility through broader equity analyst coverage.

Price Action: YTRA shares are trading higher by 7.34% at $2.34 on Wednesday.