Easy Trip Planners
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 08 Mar 2021 – 10 Mar 2021
- Listing date
- 19 Mar 2021
- Face value
- ₹2 per share
- Issue price
- ₹187 per share
- Lot size
- 80 shares
- Total issue size
- ₹510 Cr
- Market cap at offer price
- ₹2,032 Cr
- Promoter holding
- 100.00% → 74.90% pre-issue → post-issue
- ISIN
- INE07O001026
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- 223, FIE Patparganj Industrial Area, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 1,22,72,727 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 80 shares per lot, in multiples, at ₹187
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 80 | ₹14,960 |
| Retail (max) | 13 | 1,040 | ₹1,94,480 |
| S-HNI (min) | 14 | 1,120 | ₹2,09,440 |
| S-HNI (max) | 66 | 5,280 | ₹9,87,360 |
| B-HNI (min) | 67 | 5,360 | ₹10,02,320 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹2,032 Cr |
About Easy Trip Planners
Easy Trip Planners Limited, incorporated in 2008 and converted to a public limited company in 2019, is one of India's leading online travel agencies (OTAs). The company generates revenue primarily through commissions and incentives from travel suppliers including airlines, GDS providers, hotels, and IRCTC. In Fiscal 2020 and nine months ended December 31, 2020, air ticketing comprised 94.43% and 92.53% of gross booking volumes respectively. The company operates through a hybrid platform including websites (easemytrip.com and easemytrip.in) and mobile applications, serving approximately 59,274 travel agents as of December 31, 2020. It expanded internationally through subsidiaries in UK, Singapore, and UAE during Fiscal 2020.
Company Analysis
from RHPEasy Trip Planners Limited is an online travel agency offering air ticketing, hotel bookings, holiday packages, rail and bus ticketing services across B2C, B2E, and B2B2C distribution channels.
Easy Trip Planners Limited, incorporated in 2008 and converted to a public limited company in 2019, is one of India's leading online travel agencies (OTAs). The company generates revenue primarily through commissions and incentives from travel suppliers including airlines, GDS providers, hotels, and IRCTC. In Fiscal 2020 and nine months ended December 31, 2020, air ticketing comprised 94.43% and 92.53% of gross booking volumes respectively. The company operates through a hybrid platform including websites (easemytrip.com and easemytrip.in) and mobile applications, serving approximately 59,274 travel agents as of December 31, 2020. It expanded internationally through subsidiaries in UK, Singapore, and UAE during Fiscal 2020.
Objects of the Issue
- Achievement of benefits of listing Nil (Offer for Sale only) p.92
- Promoter Selling Shareholders' capital realization ₹5,100 million (entire offer proceeds) p.92
Issue Structure
- Total Issue
- ₹5,100 million (27,272,727 Equity Shares at ₹187 per share)
- Fresh Issue
- Nil (Offer for Sale only)
- Offer for Sale
- 27,272,727 Equity Shares aggregating to ₹5,100 million by Promoter Selling Shareholders (Mr. Nishant Pitti: 13,636,363 shares for ₹2,550 million; Mr. Rikant Pittie: 13,636,364 shares for ₹2,550 million)
- Price Band
- ₹186 to ₹187 per Equity Share
- Lot Size
- 80 Equity Shares (Bid Lot); minimum subscription at Floor Price
- Face Value
- ₹2 per Equity Share
Business Model
Easy Trip Planners earns revenue primarily through commissions and incentive payments from travel suppliers including GDS service providers, airlines, and credit card companies. Secondary revenue sources include service fees, convenience fees, cancellation/rescheduling charges, and advertising revenue. The company operates a hybrid B2C, B2E, and B2B2C distribution model and does not assume inventory risk as it acts as an intermediary facilitating bookings between customers and suppliers.
Business Segments
SWOT Analysis
- • Ranked among top online travel agencies by booking volume and profitability(p.12)
- • Significant domestic airline ticket revenue concentration enabling operational leverage(p.26)
- • Established brand and customer reach across distribution channels(p.38)
- • Experienced management team in travel and tourism sector(p.50)
- • Extreme dependence on five domestic airlines for 80.71% of airline revenue in Fiscal 2020(p.26)
- • Over-reliance on airline ticketing (97.83% of gross revenue in Fiscal 2020)(p.26)
- • Limited operating history and experience in hotels, holiday packages, and railway ticketing(p.28)
- • Outstanding contingent liabilities of ₹1,257.88 million as of December 31, 2020(p.14)
- • Trademark infringement litigation from MakeMyTrip threatening domain names and brand(p.31)
- • Significant outstanding employee fraud misappropriation of ₹5.73 million in Fiscal 2020(p.45)
- • Unadjusted credits written back totaling ₹243.84 million in Fiscal 2019 from change in accounting estimate(p.39)
- • Online travel penetration expected to increase from 56-58% in Fiscal 2020 to 67-68% in Fiscal 2023(p.114)
- • OTA market expected to grow at 1-2% CAGR from Fiscal 2020 to 2023 to reach ₹950-960 billion(p.119)
- • Internet penetration in India expected to increase to 75% by Fiscal 2025 from 50% in Fiscal 2020(p.110)
- • Tier II and Tier III city online hotel bookings share expected to rise to 35-40% by Fiscal 2023(p.125)
- • Domestic travel expected to grow at 21-22% CAGR, reaching 2,300-2,350 million trips by Fiscal 2024(p.105)
- • Expanding corporate and B2E channels to capture higher-margin business travel(p.41)
- • COVID-19 pandemic caused Gross Booking Revenue to collapse 61.6% from ₹31,798 million to ₹12,208 million in nine months ended December 31, 2020(p.25)
- • Airlines subject to reducing base commissions and incentive payments(p.28)
- • Intense competition from larger established OTAs with greater resources and brand recognition(p.27)
- • Airlines increasingly developing direct distribution channels bypassing OTAs(p.27)
- • Cyclical nature of travel market sensitive to economic downturns and recession(p.58)
- • Regulatory risks around tax collection at source on airline ticket sales(p.44)
- • Delayed payment or default by travel agents and corporate customers with ₹78.97 million impairment allowance(p.41)
- • System failures and technology disruptions affecting transaction processing(p.32)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Nishant Pitti | Promoter/Promoter Selling Shareholder | 49.81% | 24.90% |
| Mr. Rikant Pittie | Promoter/Promoter Selling Shareholder | 49.68% | 24.90% |
| Mr. Prashant Pitti | Promoter | 0.51% | 0.51% |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.