Yatra Online Limited’s IPO opened for subscription on 15th September 2023. You can bid in the IPO till 20th September 2023. The IPO offering is for an aggregate issue size is approximately Rs. 775 crores on the upper band of Rs. 142 per share.
The IPO includes a fresh issue of equity shares aggregating up to Rs. 602 crores and an offer for sale (OFS) of 12,183,099 equity shares.
The aggregate OFS issue amount at the lower price band of Rs. 135 per share is Rs. 164.47 crores and Rs. 173 crores on the upper price band of Rs. 142 per equity share. (I have explained this in detail in the Issue Size section).
The article helps you with Yatra Online Limited’s IPO investment analysis with details like Open and close dates, GMP, Issue Size, Lot size, Subscription details and Listing dates.
Yatra Online Limited IPO Details
| Particulars | IPO Details |
| IPO Opening date | 15th September 2023 |
| IPO Closing date | 20th September 2023 |
| IPO Price | Rs. 135 to Rs. 142 per share |
| Lot size | 105 shares |
| Issue size | Up to Rs. 775 Cr |
| No. of fresh shares | xx shares aggregating to Rs. 602 crores |
| Offer for Sale | 12,183,009 shares aggregating to Rs. xx cores |
| Listing on | BSE and NSE |
Find here other upcoming IPOs in 2023.
Yatra Online Limited IPO Timetable
| Particulars | IPO Details |
| IPO Opening date | 15th September 2023 |
| IPO Closing date | 20th September 2023 |
| Basis of Allotment date | 25th September 2023 |
| Credit of Share | 27th September 2023 |
| Listing date | 29th September 2023 |
Yatra Online Limited IPO GMP
GMP data collected from various sources like reputed financial websites, news channels, stockbrokers and IPO blogs is under.
Remember – Grey Market Price (GMP) shows you an indicative price of Yatra Online Limited upon listing. You should take precautions because GMP is not an official price and only an indicative value.
Yatra Online GMP is not available on any of the leading financial websites and blogs.
| Date | GMP |
| 14th September 2023 | Rs. xx (will be updated) |
| 13th September 2023 | Rs. xx (will be updated) |
| 12th September 2023 | Rs. xx (will be updated) |
| 11th September 2023 | Rs. xx (will be updated) |
Yatra Online Limited Issue Size
The total Issue Size of Yatra Online IPO is approximately Rs. 775 crores.
Approximately because Yatra has stated a fresh issue amount of Rs. 602 crores but not the number of shares.
For the OFS portion, Yatra has stated 12,183,099 equity shares to be sold but not the price. Now the price band is Rs. 135 to Rs. 142 per equity share.
On the lower side, if we take Rs. 135 as the price, then the OFS size comes to 12,183,099 x Rs. 135 = Rs. 164.47 crores.
And Rs. 173 crores on the upper price band of Rs. 142 per equity share.
The maximum Yatra can go is Rs. 173 cr.
So the approximate IPO aggregate amount will be = Fresh Issue of 602 cr + 173 Crs of OFS portion, a total of Rs. 775 crs.
You can bid on both. The IPO bidding process can be found here.
Yatra Online Limited Overview
Yatra Online is India’s largest corporate travel services provider in terms of the number of corporate clients and the third largest online travel company in India.
Yatra provides access through its platform to hotels, homestays and other accommodations to travelers in India. It has about 105,600 hotels in 1,490 cities and towns in India and more than two million hotels globally.
As of March 31, 2023, it served over 14 million cumulative travel customers, with over half of them having signed up for our eCash loyalty program.
Yatra recorded a booking success rate of 97.8% on its websites and mobile applications in the B2C channel for domestic transactions during fiscal 2023. It served over 800 large corporate customers with a 98% customer retention rate.
As of March 31, 2023, Yatra had over 800 large corporate customers and over 49,800 registered SME customers. The B2B segment in the Indian Online Travel Agent (OTA) is expected to grow at a CAGR of 14% to 15% over a period of 5 years, i.e., from FY 2023 to FY 2028.
Industry Overview
The Indian travel industry was estimated at Rs 2,845 billion in fiscal 2023. Led by a growing economy, geographical and cultural diversity, and various government initiatives, the Indian travel industry grew at 6-8% CAGR between fiscal 2017 to 2023.
The industry is expected to grow annually by 9-11% to Rs 4,540-4,560 billion by fiscal 2028.
Factors driving growth are
- development of tourism infrastructure,
- rising income levels translating to higher discretionary spending on travel and tourism,
- increase in the frequency of travel business and leisure purposes,
- reforms in visa and increase in connectivity across means of transport
Indian travel industry – trends and outlook
CRISIL MI&A defines OTAs as companies that specialize in the sale of travel-related products and services, such as the booking of air tickets, hotel rooms, travel packages, bus tickets, and railway tickets via their websites and applications.
These are typically third-party agents reselling products and services provided/organized by others for an agreed commission.
Online penetration of air ticketing is estimated to be highest at 74-76% as of fiscal 2023
Industry estimates indicate that air ticketing has a high online penetration of 74-76% as of fiscal 2023.
Air ticketing was the first segment to adopt online channels, followed by railways (80-82%).
Segment-wise share of online penetration in India
In fiscal 2023, the Indian online ticketing market is estimated to be worth Rs 1,920 billion, registering 12.5-13.5% CAGR from Rs 920 billion in fiscal 2017.
The industry is expected to grow to 1.75 times to Rs 3,355 billion by fiscal 2028 at a CAGR of 11.5-12.5%.
Yatra Online Limited Subscription Data
Below, you can find the day-wise subscription data of the Yatra Online Limited IPO.
Subscription data shows the number of times the IPO is subscribed overall and also under each category.
| Date | QIB | NII | Retail | Total |
| Day – 1 15th September 2023 | 0.00 | 0.03 | 0.56 | 0.11 |
| Day – 2 18th September 2023 | 0.06 | 0.09 | 1.34 | 0.31 |
| Day – 3 20th September 2023 | 2.05 | 0.42 | 2.11 | 1.61 |
Yatra Online Limited Promoter Details
THCL Travel Holding Cyprus Limited and Asia Consolidated DMC Pte. Ltd. are the promoters of the company.
The promoters collectively hold 112,901,597 equity shares, which constitute 98.59% of the issued, subscribed, and paid-up equity share capital of the company.
Yatra Online Limited Financials
Key financials of Yatra Online Limited Ltd. for the last 3 completed financial years FY23, FY22, and FY21 are under.
| Details | FY- 2023 | FY- 2022 | FY- 2021 |
| Total Assets | Rs. 681.25 cr | Rs. 547.78 cr | Rs. 562.90 cr |
| Total Income | Rs. 397.46 cr | Rs. 218.81 cr | Rs. 143.61 cr |
| Profit/ Loss After Tax | Rs. 7.63 cr | Rs. -30.78 cr | Rs. -118.86 cr |
| Net Worth | Rs. 169.52 cr | Rs. 100.92 cr | Rs. 123.48 cr |
| Other Equity (including retained earnings) | Rs. 158.07 cr | Rs. 89.73 cr | Rs. 112.39 cr |
| Total Borrowing | Rs. 153.07 cr | Rs. 35.85 cr | Rs. 13.11 cr |
Net worth of Yatra Online Limited grew from Rs. 123 cr in FY 2021 to Rs. 169 cr in 2023. In the past three years, Yatra Online Limited’s long-term borrowings also increased more than 10 times from Rs. 13.11 cr to Rs. 153.07 Cr.
The total income of Yatra Online Limited has grown in the last three years from Rs. 143.61 cr to Rs. 397.46 cr. But the PAT fluctuated from negative Rs. 118.86 cr in FY 2021 to Rs. -30.78 cr in FY 2022 and finally in positive to Rs. 7.63 cr in FY 2023.
Note – The company had negative PAT ( losses in the last 2 years). The Net worth for FY 2023 is almost equal to the borrowings of the company.
Yatra Online Ltd shows signs of weak financials.
Yatra Online Limited Peer Comparison
Yatra is predominantly present in the Indian markets; comparison with global OTA players will not be relevant.
The following peer group has been determined on the basis of companies listed on Indian stock exchanges whose business profile is comparable to Yatra Online Limited
| Company | EPS | P/E | RoNW | NAV |
| Yatra Online Limited | 0.69 | – | 4.50 % | 15.04 |
| Easy Trip Planners Limited | 0.77 | 20.43 | 36.21% | 2.13 |
You can use net banking (ASBA) to invest in an IPO if you want. ASBA is quick, hassle-free and can be completed in 5 minutes
Yatra Online Limited Objects of the Issue
Yatra Online Limited proposes to utilize the Net Proceeds from the Issue for
1. Strategic investments, acquisitions and inorganic growth
Yatra has a long history of acquisitions. It has significantly scaled the business through such inorganic growth.
As part of the inorganic growth measures, the company looks to strategically acquire businesses that offer similar products and technologies to expand its product portfolio and improve the performance of its existing products.
The company intends to utilize Rs. 150 cr towards such potential acquisitions and strategic initiatives.
2. Expenditure toward Customer acquisition and retention, technology, and other organic growth initiatives
Yatra makes investments in marketing and business promotional activities in order to augment the user base by acquiring new users and retaining existing ones.
It uses a combination of digital and traditional marketing to attract users to the platform by creating awareness of its platform, encouraging first-time usage of the platform, and converting them into repeat users.
In order to grow, Yatra proposes to utilize Rs 392 crores towards funding organic growth, which will entail expenditure on marketing and promotions for customer acquisition and retention, as well as for technology infrastructure.
3. For General corporate purposes
The rest of the IPO amount will be spent on general corporate purposes subject to such utilization not exceeding 25% of the Net Proceeds, in compliance with the SEBI ICDR Regulations.
Should You Invest in Yatra Online Limited IPO?
Yatra is a trusted brand with a proven track record of comprehensive service and product offerings. They have a large and loyal customer base. But their biggest competitor is Make My Trip.
The worrying factor is their weak financial position. The Net worth of Yatra Online Limited grew from Rs. 123 cr in FY 2021 to Rs. 169 cr in 2023. In the past three years, Yatra Online Limited’s long-term borrowings also increased more than 10 times from Rs. 13.11 cr to Rs. 153.07 Cr.
The total income of Yatra Online Limited has grown in the last three years from Rs. 143.61 cr to Rs. 397.46 cr. But the PAT fluctuated from negative Rs. 118.86 cr in FY 2021 to Rs. -30.78 cr in FY 2022 and finally in positive to Rs. 7.63 cr in FY 2023.
Note – The company had negative PAT ( losses in the last 2 years). The Net worth for FY 2023 is almost equal to the borrowings of the company. Shows signs of weak financials.
Other Key risks to check are –
- The acquisition targets have not been identified by the company
- Audit qualification by Auditors indicating – material weakness in annexure on internal controls over financial reporting
- Net losses in the past 2 financial years. And an increasing amount of debt on books
- Operates in the Indian travel industry, which is highly competitive
- Relies on third-party systems and service providers
- Pending litigation of Rs. 223.31 crores.
Here, you can check the allotment status 3-4 days after Yatra Online’s IPO is complete.
