India’s second-largest online travel operator, Yatra Online plans boot, has said it plans to sell nine million ordinary shares of the company, as it looks to raise an estimated $50 million (Rs 332.6 crore) for business development.
In a statement filed with the US Securities and Exchange Commission (SEC) on Friday, the Nasdaq-listed OTA said it plans to use the proceeds from the public market sale of shares towards “general corporate and business purposes.” According to the filing with the markets regulator, Citigroup and Jefferies are acting as joint book-running managers for the offering. The company’s shares had closed at $6.35 on Nasdaq on Thursday.
Yatra, which had a market cap of $183.5 million as of Thursday, has also offered an additional 1.35 million ordinary shares to the underwriters and yatra online plans boost.If the underwriters exercise their option in full, the proceeds from the shares sale will go up to $57 million. The offering is expected to close on or about June 26, 2018, subject to customary closing conditions, the company said in a statement.
Yatra online plans boost :
The announcement comes a little over a month of Yatra online plans boost after it filed a shelf registration statement with the US Securities and Exchange Commission, stating its intention to raise $100 million over a three-year period. The company had filed an offer for sale of shares in January last year to raise more than $60 million, a month after it completed its reverse merger and began trading on the tech-dominated bourse.
Earlier this month, Yatra online plans boost and posted stronger fourth-quarter results, with both its primary businesses — air ticketing and hotels and packages — showing steady growth for the three months ended March 31, 2018.
For the fourth quarter, it posted a loss of Rs 38.09 crore, or Rs 10.74 per share on a diluted basis, compared with loss of Rs 83.02 crore, or Rs 24.04 a share in the year-ago period. Revenue for the three-month period ended March 31 jumped by over 36% to Rs 328.57 crore, compared to the fourth quarter of last fiscal.