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<ul><li><keyword id="6362992" type="General" weightage="20" keywordseo="yatra" source="Orion">Yatra</keyword> is looking to go public in India to raise ₹750 crore.</li><li>The company mentioned that its heavy reliance on <keyword id="44023" type="General" weightage="20" keywordseo="airlines" source="Orion">airlines</keyword> may be a risk factor.</li><li>It currently earns close to 70% of its revenue just by selling air tickets.</li></ul>There is no denying that the last couple of years have been extremely tough on the global travel and tourism industry. Whenever the segment started to make a little recovery, they would once again be hit by a new COVID-19 variant and another deadly wave. While everyone hopes that the worst of the pandemic is behind us, Yatra.com may have a little more to worry about. Yatra, which is now looking to go public in India to raise ₹750 crore, has revealed that its heavy dependence on air ticketing business and airline supplier relationship is one of the risk factors to its business. The reason simply being the financial conditions of the Indian aviation industry. The airlines and airports in India incurred an estimated loss of ₹19,564 crore and ₹5,116 crore in 2022-2021 due to several disruptions caused by the global pandemic, the government of India revealed in December 2021. Another <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/domestic-aviation-industry-will-need-up-to-rs-35000-crore-additional-funding-in-fy21-23-icra/articleshow/75742002.cms?from=mdr">report</a> by Investment Information and Credit Rating Agency of India (ICRA) revealed that the domestic aviation industry will require an additional funding worth ₹32,500 crore to ₹35,000 crore during fiscal year 2021-23 to overcome the impact of the pandemic. The report added that airlines were losing ₹75-90 crore on a daily basis during the COVID-19 lockdown. The industry level debt was also expected to increase to ₹46,500 crore over FY2021-22, the report noted. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Airlines </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net Debt </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SpiceJet </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10,400 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY2021 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Air India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹61,562 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">August 2021 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndiGo </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹29,859 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY2021 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GoAir </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹7,346 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">December 2021 </td></tr></tbody></table>Source: Statista, Air India, IndiGo, GoAir The situation of Indian airlines could impact Yatra A report by ResearchGate<a href="https://www.researchgate.net/publication/341768345_Financial_Distress_in_Indian_Aviation_Industry_Investigation_Using_Bankruptcy_Prediction_Models"> mentioned </a>that the Indian aviation sector has shown significant growth prospects in the last few years, but the financial performance of most of the air carriers individually is not at all “impressive”. “Every five years one airline in India is being grounded…,” the report added. Jet Airways was grounded in 2019 and will now be <a href="https://www.businessinsider.in/business/news/meet-sanjiv-kapoor-the-new-ceo-of-jet-airways-2-0/slidelist/89987676.cms">making a re-entry</a> three years later next month. Yatra Online Limited, in its draft red herring prospectus (DRHP) revealed, “We are exposed to risks associated with these Indian businesses which risks have recently been heightened by the COVID-19 pandemic, including bankruptcies, restructurings, consolidations and alliances of its partners, the credit worthiness of these partners, and the possible obligation to make payments to our partners. For example, the Indian airline industry has experienced significant losses and has undergone bankruptcies, restructurings, consolidations and other similar events.” The company also cited the example of Jet Airways whose bankruptcy and cessation of operations negatively impacted Yatra’s revenue. The Jet Airways bankruptcy — or any future bankruptcies or increased consolidation in the airline industry — could create challenges for the company and reduce the profitability of its airline ticketing business, the company said. But it gets worse Yatra Online Limited generated over 70% of its business from air ticketing in the fiscal year 2021 and nearly 66% in the first half of fiscal year 2022. Any reduction in the profit margins in air ticketing could have a larger impact on Yatra’s revenue and profitability. <div type="image" title="Yatra.com’s biggest source of revenue is also its biggest risk" msid="90570411" hostid="261"></div> To make matters worse, a substantial portion of Yatra Online Limited’s revenue comes from only four domestic airlines. Even though it provides access to 407 airlines, seven domestic and 400 international airlines. These include domestic flights like Air Asia, Air India, Air India Express, Go First, IndiGo, SpiceJet, Vistara, and international airlines such as Air France-KLM, British Airways, Emirates, Etihad Airways, Lufthansa, and others. “Because the majority of the domestic Indian air travel industry is concentrated among these four domestic airlines, any adverse market developments across the Indian commercial aviation landscape, particularly among the most dominant domestic airlines are more likely to impact our business,” the company said in its DRHP. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/finance/banks/news/axis-bank-may-soon-become-the-third-largest-credit-card-player-after-hdfc-bank-and-sbi-post-the-citibank-deal/articleshow/90563751.cms">Axis Bank may soon become the third largest credit card player after HDFC Bank and SBI post the Citibank deal</a> <a href="https://www.businessinsider.in/business/news/mukesh-ambani-and-gautam-adanis-net-worth-is-now-more-than-100-billion/articleshow/90564692.cms">Mukesh Ambani and Gautam Adani are now worth more than $100 billion</a> <a href="https://www.businessinsider.in/tech/news/dysons-new-headphones-with-an-air-purifier-bank-on-peoples-masking-habits/articleshow/90561834.cms">Dyson's new headphones with an air purifier bank on people’s masking habits</a>

Yatra.com’s biggest source of revenue is also its biggest risk

<ul><li>The IPO of <keyword id="5030468" type="UNKNOWN" weightage="20" keywordseo="EaseMyTrip">EaseMyTrip</keyword> will open on March 8 and remain open till March 10. </li><li>The company has set the price band for the issue at ₹186 to ₹187 per share. </li><li>The OTA offers a range of products and services for end-to-end travel solutions, from airline tickets to rail tickets and bus tickets to taxis, holiday packages, and much more. </li><li>EaseMyTrip.com is the second largest online travel agency in India in terms of booking volume in the nine months ended December 31.</li></ul>The ₹510 crore initial public offering (IPO) of India’s second-largest online travel agency EaseMyTrip.com will hit the capital markets next week. The IPO will open on March 8 and remain open till March 10. The Delhi-based online travel agency Easy Trip Planners operate EaseMyTrip.com. The offer comprises an offer for sale of up to ₹255 crore by its promoters Nishant Pitti and Rikant Pitti, holding 49.81% and 49.68%, respectively, in the company. The company has set the price band for the issue at ₹186 to ₹187 per share. The online travel agency (OTA) offers a range of products and services for end-to-end travel solutions, from airline tickets to rail tickets and bus tickets to taxis, holiday packages, hotels, and much more. This would be the tenth initial public offering this year after Indian Railway Finance Corporation (IRFC), Indigo Paints, Home First Finance Company (HFFC), Stove Kraft, Brookfield India REIT, Nureca and RailTel recently concluded their listings. Easy Trip Planners IPO opens next week <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Issue details </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Opens on </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 8 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Closes on </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 10 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Price band </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹186 to ₹187 per share </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Minimum bid </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">80 equity shares </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reservation for qualified institutional buyers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">75% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reservation for non-institutional buyers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reservation for retail investors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr></tbody></table> Once the IPO is concluded, the equity shares will be listed on both the exchanges — BSE and NSE. Axis Capital and JM Financial are the book running lead managers for its public offering IPO. Easy Trip Planners IPO: All you need to know <ul><li>According to the CRISIL Report, EaseMyTrip.com was the only profitable online travel agency among other key agencies in India in the fiscal years 2018 to 2020. The other key players in India include Cleartrip, MakeMyTrip and Yatra Online.</li><li>EaseMyTrip.com is the second largest online travel agency in India in terms of booking volume in the nine months ended December 31.</li><li>The company has been consistently profitable over the past three years, with its profit growing from ₹3 lakh in 2018 to 32.9 crores in 2020.</li><li>In terms of annual growth in operating revenues during FY 2018 to FY2020, Easy Trip Planners Limited recorded the fastest growth at a compound annual growth rate (CAGR) of approximately 19%, among key online travel agencies in India like MakeMyTrip Limited and Yatra Online.</li><li>Indian OTA industry is expected to grow at a CAGR of 1% to 2% from fiscal 2020 to fiscal 2023 in terms of gross booking revenues.</li></ul>SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/instagram-accidentally-hid-likes-for-some-users-after-expanding-long-running-test-feature-says-cnn-report/articleshow/81308217.cms">Instagram accidentally hid likes for some users after expanding long-running test feature, says CNN report</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/instagram-accidentally-hid-likes-for-some-users-after-expanding-long-running-test-feature-says-cnn-report/articleshow/81308217.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/paypal-which-had-shut-down-domestic-operations-in-india-now-plans-to-hire-1000-engineers/articleshow/81307572.cms">PayPal, which had shut down domestic operations in India, now plans to hire 1,000 engineers</a>

EaseMyTrip IPO is set to open on Monday — price band for the issue set at ₹186 to ₹187 per share

<ul><li>The ₹510 crore IPO of EaseMyTrip is now open for public subscription.</li><li>The best thing about the travel aggregator is the cost-conscious model that sets it aside from other travel aggregators in India.</li><li>Being bootstrapped, the management of the company has tended to be extremely cost-conscious, and this has enabled them to be profitable since inception, said a Ventura report.</li><li>According to Choice Broking, Easy Trip has been profitable since its inception and is the only profitable company among the key OTAs.</li><li>The ICICI Direct report highlighted that taking cognisance of the huge growth opportunities for EaseMyTrip and a lean cost of operations would aid the flow of profitability to the bottom line.</li></ul>From the Indian government-run companies RailTel and IRFC to the most successful IPO of 2021 MTAR Technologies — the IPO bonanza doesn’t seem to be ending soon. Next in the line is the bootstrapped online travel aggregator, EaseMyTrip, making its way to the public markets. The ₹510 crore IPO of EaseMyTrip is now open for public subscription. The company is an exception among a large pool of internet companies, which have tried to get listed — EaseMyTrip has bootstrapped its way to the public markets. The online travel agency (OTA) offers a range of products and services for end-to-end travel solutions, from airline tickets to rail tickets and bus tickets to taxis, holiday packages, hotels, and much more. The best thing about the travel aggregator is the cost-conscious model that sets it aside from other travel aggregators in India. “Being bootstrapped, the management of the company has tended to be extremely cost conscious and this has enabled them to be profitable since inception. Their primary driver of business is that they do not charge a convenience fee and this is what sets them apart from their peers like Make My Trip, Yatra and ClearTrip,” said Ventura in an IPO note. And that’s why nearly every analyst on the street has a ‘subscribe’ rating on the IPO. Street’s view on EaseMyTrip’s ₹510 crore IPO: Subscribe <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Broking House </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Direct </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BP Equities </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Canara Bank Securities </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Choice Broking </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GEPL </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hem Securities </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ventura Securities </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr></tbody></table> Here's what makes the IPO hot! Lean, cost-efficient operations set it aside from peers According to an ICICI Direct report, EaseMyTrip, owned by Easy Trip Planners Ltd (ETP), had the lowest number of employees among India's key online travel agencies as of March 31, 2020. The company has developed a streamlined, efficient and lean organisation structure relative to the size of its business operations. The advanced technology infrastructure and operating systems focused on optimal human resource allocation, minimising operational and systematic errors and enhancing customer satisfaction have resulted in reducing administration costs while increasing employee productivity and operating efficiencies. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Easy Trip Planners </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MakeMyTrip </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yatra Online </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Customer Promotion Expense as a % of Gross Booking Revenue </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.00% </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.93% </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.74% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Employee Expense as a % of Gross Booking Revenue </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.72% </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.13% </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.08% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Other Operating Expense as a % of Gross booking revenue </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.27% </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.60% </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.01% </td></tr></tbody></table>*Source: Ventura “We believe this has enabled ETP to maintain healthy profitability in the past few years,” the report added. Highest growth rate in terms of gross booking revenue and operating revenues among the Key Indian OTA’s According to Choice Broking, Easy Trip has been profitable since its inception and is the only profitable company among the key OTAs with a positive return on equity (RoE) and return on capital employed (RoCE). The company’s profit had grown from ₹3 lakh in 2018 to ₹32.9 crores in 2020. <div type="image" title="EaseMyTrip" msid="81387653" hostid="261"></div> As per the red herring prospectus, in terms of annual growth in operating revenues during FY 2018 to FY2020, Easy Trip recorded the fastest growth at a compound annual growth rate (CAGR) of approximately 19%, among key online travel agencies in India like MakeMyTrip Limited and Yatra Online. The sector is poised to grow According to Ventura, the company has increased its market share from 3.1% in FY18 to 4.6% in FY20 and has been ranked second among key OTAs in India based on booking volumes. The online penetration, defined as a share of bookings done online through websites of the service providers or through online travel agencies (OTAs), of the Indian travel industry accounted for 56-58% in FY20. The analysts further expect the share of online penetration to 67-68% in FY23, supported by growth in online transactions due to the Covid-19 pandemic. Justified valuations The ICICI Direct report highlighted that taking cognisance of the huge growth opportunities for EaseMyTrip and a lean cost of operations that would aid the flow of profitability to the bottom line — “it is an attractive issue.” According to Choice Broking, the company is available at a P/E of 65.3x on FY20 numbers — “which is reasonably priced”. The price-to-earnings (P/E) ratio shows the price that the market is willing to pay for a stock based on its earnings. Higher the P/E, the more expensive the stock. 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Here is why analysts maintain a bullish mood for the ₹510 crore IPO of bootstrapped online travel aggregator EaseMyTrip

Online travel portal <keyword id="6362992" type="COMPANY" weightage="20" keywordseo="yatra">Yatra</keyword> is merging with <keyword id="6357328" type="COMPANY" weightage="100" keywordseo="NASDAQ">NASDAQ</keyword> listed <keyword id="1919669" type="UNKNOWN" weightage="100" keywordseo="Terrapin">Terrapin</keyword> 3 Acquisition Corporation (TRTL) that values Yatra at an enterprise value of $218 million. 
 
TRTL is formed for effecting a merger, acquisition, or similar business combination and had raised $212.75 million in its IPO in July 2014 and the combined entity will be listed on NASDAQ as Yatra (YTRA). 
 
As per reports, MIHI LLC, an affiliate of Macquarie Capital, has committed to buy an additional $20 million of TRTL equity as part of the transaction and Yatra will continue to own at least 35 per cent of the issued and outstanding shares in the combined company. 
 
In addition, existing shareholders of Yatra may receive additional consideration of up to $35 million upon the achievement of certain financial objectives during the 18 months. 
 
Yatra, which was founded in 2006, will continue to be led by co-founder Dhruv Shringi. 
 
Yatra customers booked more than 2.8 million air travel reservation and hotel stays with total transaction value worth more than $900 million during fiscal year ended March 2016 at a growth of 25 per cent. 
 
(Image: Thinkstock)

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EaseMyTrip IPO is set to open on Monday — price band for the issue set at ₹186 to ₹187 per share

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Here is why analysts maintain a bullish mood for the ₹510 crore IPO of bootstrapped online travel aggregator EaseMyTrip

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Online travel portal Yatra is merging with Terrapin 3 Acquisition Corp, to be listed on NASDAQ

BI India Bureau

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