Online travel aggregator Yatra, Zaggle IPOs to open this week
As part of the OFS, THCL Travel Holdings Cyprus Ltd and Pandara Trust – Scheme I through its trustee Vistra ITCL (India) would offload shares.
MUMBAI: Online travel aggregator Yatra Online and Fintech player Zaggle Prepaid Ocean Services will launch an initial public offering (IPO) this week. The IPO of Zaggle Prepaid Ocean Services will open on September 14 while Yatra Online will launch the IPO on September 15.
Yatra Online’s proposed IPO comprises a fresh issue of equity shares worth up to Rs 750 crore by Yatra India and an offer for sale (OFS) of up to 9,328,358 equity shares, according to the draft red herring prospectus (DRHP). As part of the OFS, THCL Travel Holdings Cyprus Ltd and Pandara Trust – Scheme I through its trustee Vistra ITCL (India) would offload shares.
Yatra Online Ltd has received the final observation letter dated November 17 from Sebi in connection with its DRHP filed in March, the Nasdaq-listed Yatra Online Inc said in a statement. Fintech player Zaggle Prepaid Ocean Services on Monday set the price band for its `564 crore initial share sale at Rs 156-164 apiece, a hefty 156-164 times the face value of its shares.
The IPO comprises a fresh issue of equity shares up to `392 crore and an offer for sale (OFS) by promoters and a few external investors aggregating up to `174 crore. Post-issue the promoter and promoter entities will hold around 42% of the paid-up equity, while selling shareholders will collectively pare their holdings by a tad over 8%.
Through the OFS, the founder and chairman Raj P Narayanam will sell just 0.02% from his 44% holding. Another promoter Avinash Ramesh Godkhindi, who is also the managing director of the city-based firm, will sell an equal amount of stake. External investor VenturEast Proactive Fund will sell a 2.17% , while another external investor GKFF Ventures will pare only 0.02%.
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