The IPO, with a total offer size aggregating up to INR 9,200 million [INR 920 crore], includes a fresh issue of Equity Shares amounting to INR 6,000 million [INR 600 crore] and an Offer for Sale worth INR 3,200 million [INR 320 crore] by Selling Shareholders. The bidding window will remain open until Wednesday, February 7th, 2024, with the Anchor Investor Bidding Date set for Friday, February 2nd, 2024.
Despite a 14.7 per cent decrease in air ticket prices during the same period, gross bookings surged by 10.2 per cent YoY to INR 17,504 million. However, the B2B business was affected by subdued spending across IT/ITES clients. Nonetheless, Yatra continued to expand its corporate clientele, securing 13 new accounts during the quarter.
Juniper Hotels, co-owned by Saraf Hotels and Two Seas Holdings (an affiliate of Hyatt Hotels Corporation), is a luxury hotel development and ownership enterprise. As of June 30, 2023, the company holds a 20 per cent stake in 1,836 "Hyatt" affiliated hotel keys in India, as per the Horwath Report referenced in the DRHP. It currently manages a diverse portfolio consisting of seven hotels and serviced apartments.
The Spanish travel technology firm, advised by Evercore, is poised to appoint a couple of banks as global coordinators alongside Morgan Stanley after recently inviting pitches, said the people, who spoke on the condition of anonymity. The company and its shareholders - which include private equity funds Cinven and EQT, as well as Canadian pension plan CPP Investments - are leaning towards Madrid as their preferred listing venue, one of them said.
The Yatra.com IPO is a significant financial event, encompassing a fresh issue valued at INR 602 crore (approximately USD 72.2 million) and an offer for sale (OFS) of up to 12,183,099 equity shares. The capital raised through the fresh issue will be deployed for various strategic initiatives. These include investments in potential acquisitions and inorganic growth opportunities, with an allocation of up to INR 150 crore.
The firm will utilise the net proceeds of the fresh issue to the tune of INR 900 crore mainly for repayment/ prepayment, in full or in part, of certain borrowings availed by the company and its subsidiaries, including payment of the interest accrued thereon and the remaining for general corporate purposes. The company had re-filed its preliminary papers with the regulator in March this year.
Australia’s second largest airline is in discussions with banks including Goldman Sachs and UBS about the loan, said the sources, although no decision has been made yet and the size of the debt has not been finalised. Bain Capital, Virgin, Goldman Sachs and UBS declined to comment. The sources did not wish to be identified as the talks were private.
The companys Adj EBITDA for Q2 grew to eight times from INR 7 Cr in Q1 to INR 56 Cr primarily driven by a 23 per cent QoQ rise in gross booking value per hotel during Q2 to around INR 4 lakhs. The sharp uptick in EBIDTA wasnt enough to make the company profitable at a net level. The company logged in a net loss of INR 333 Cr, though it has reduced from the INR 414 Cr reported in the first quarter of FY23.
The proposed IPO comprises a fresh issue of equity shares worth up to INR 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.
The association has informed and updated SEBI about the judgement passed by the CCI holding OYO responsible for anti-competitive business practices. Last year, FHRAI had written to SEBI specifically requesting to suspend the hotel aggregator’s IPO process to protect the interests of thousands of hotels as well as the general public.
As per the reports, SoftBank to cut valuation of IPO-bound Oyo to 20 per cent to USD 2.7 billion and at the same time the bank declined to comment on this news. Oyo said the news on the valuation cut was speculative and incorrect.
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