Yatra Online Limited Announces Full Subscription of Its Anchor Book of INR 3487.50 Million (~US$42 Million), IPO Opens for Public Investors on September 15th 2023

Sep 14, 2023

Mumbai, India and New York, New York--(Newsfile Corp. - September 14, 2023) - Yatra Online Limited ("Company" or "Issuer"), a subsidiary of Yatra Online, Inc., (NASDAQ: YTRA), India's largest corporate travel services provider in terms of number of corporate clients and the third largest online travel company in India among key OTA players in terms of gross booking revenue and operating revenue, for Fiscal Year 2023 (Source: CRISIL Report), today announced that it had successfully closed its anchor book will full subscription under SEBI's regulatory framework of INR 3487.50 Million (~US$42 Million) for its initial public offering. The initial public offering ("IPO" or "Offer") of the Company will open to public investors on Friday, September 15, 2023, for subscription and close on Wednesday, September 20, 2023.

The IPO comprises a fresh issue of Equity Shares worth INR 6,020 Million and an Offer for Sale (OFS) of up to 12,183,099 Equity Shares. This is based on a pre-money valuation of INR 16000 Million (~US$193 Million), which equates to ~US$3.03 per share based on a basic share count of ~63.6 Million and ~US$2.90 per share based on a fully diluted share count of ~66.7 Million shares outstanding of Yatra Online, Inc. (NASDAQ: YTRA). The Anchor Book accounts for 45% of the total Offer (IPO + OFS) size.

In addition, Yatra Online, Inc. will also receive proceeds of ~US$20 Million from selling shareholder THCL Travel Holding Cyprus Limited ("THCL"), which is a wholly owned subsidiary of Yatra Online, Inc.

The proposed IPO, including its terms and final size, is subject to market and other conditions, and there can be no assurance as to whether the IPO will be consummated in a timely manner or at all.

SBI Capital Markets Limited, DAM Capital Advisors Limited and IIFL Securities Limited are the book running lead managers and Link Intime India Private Limited is the Registrar to the Offer. The Equity Shares are proposed to be listed on BSE and NSE.

DISCLAIMER: YATRA ONLINE LIMITED is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its Equity Shares and has filed a draft red herring prospectus dated March 24, 2022 ("DRHP") with the Securities and Exchange Board of India ("SEBI") and the red herring prospectus dated September 8, 2023 ("RHP") with the Registrar of Companies, Maharashtra at Mumbai, read with Corrigendum to RHP published along with price band advertisement dated September 11, 2023.

The RHP shall be made available on the website of the SEBI at www.sebi.gov.in as well as on the website of the BRLMs i.e., SBI Capital Markets Limited at www.sbicaps.com , DAM Capital Advisors Limited at www.damcapital.in and IIFL Securities Limited at www.iiflcap.com and the website of the National Stock Exchange of India Limited at www.nseindia.com and the website of the BSE Limited at www.bseindia.com and on the Company website at www.yatra.com . Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risks, see "Risk Factors" beginning on page 31of the RHP. Potential investors should not rely on the DRHP for any investment decision.

The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws in the United States, and unless so registered, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. Accordingly, the Equity Shares are being offered and sold outside the United States in 'offshore transactions' in reliance on Regulation S and the applicable laws of each jurisdictions where such offers and sales are made. There will be no public offering of the Equity Shares in the United States

LISTING: The Equity Shares, once offered through the Red Herring Prospectus are proposed to be listed on the Stock Exchanges. Our Company has received 'in-principle' approvals from BSE and NSE for the listing of the Equity Shares pursuant to their letters each dated June 15, 2022. For the purposes of the Offer, the Designated Stock Exchange shall be BSE A copy of the Red Herring Prospectus was filed, and the Prospectus shall be filed, with the RoC in accordance with Sections 26(4) and 32 of the Companies Act, 2013. For details of the material contracts and documents available for inspection from the date of the Red Herring Prospectus up to the Bid/ Offer Closing Date, see "Material Contracts and Documents for Inspection" on page 623 of the RHP

DISCLAIMER CLAUSE OF SEBI: SEBI only gives its observations on the offer documents and this does not constitute approval of  either the Offer or the specified securities stated in the offer document. The investors are advised to refer to pages 544 and 545 of the RHP for the full text of the disclaimer clause of  SEBI.

DISCLAIMER CLAUSE OF BSE (The Designated Stock Exchange): It is to be distinctly understood that the permission given by BSE Limited should not in any way be deemed or construed that the RHP has been cleared or approved by BSE Limited nor does it certify the correctness or completeness of any of the contents of the RHP. The investors are advised to refer to the pages 546 and 547 of the RHP for the full text of the disclaimer clause of the BSE Limited.

DISCLAIMER CLAUSE OF NSE: It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the offer document has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Offer Document. The investors are advised to refer to page 547 of the RHP for the full text of the disclaimer clause of NSE.

About Yatra Online, Inc.
Yatra Online, Inc. is the ultimate parent company of Yatra Online Limited (Formerly known as Yatra Online Private Limited) whose corporate office is based in Gurugram, India and is India's leading corporate travel services provider with approximately 813 large corporate customers and one of India's leading online travel companies and operates the website https://www.yatra.com/. The company provides information, pricing, availability and booking facility for domestic and international air travel, domestic and international hotel bookings, holiday packages, buses, trains, in city activities, inter-city and point-to-point cabs, homestays and cruises. With approximately 105,600 hotels and homestays contracted in approximately 1,490 cities across India, as well as approximately 2 million hotels around the world, the company is India's largest platform for domestic hotels. The company has also broadened its services in to the logistics vertical through a freight forwarding business called Yatra Freight to further expand its corporate service offerings.

Safe Harbor Statement
This press release contains certain forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company's current expectations, assumptions, estimates and projections about the Company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate," "believe," "estimate," "expect," "intend," "will," "project," "seek," "should" and similar expressions. Such statements include, among other things, management's beliefs, our strategic and operational plans, and our response to the letter to shareholders from Maguire Asset Management, LLC. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the impact of the COVID-19 pandemic; our ability to generate positive cash flow and the sufficiency of our operating cash flow to meet our liquidity needs; our future financial performance, including our revenue, cost of revenue, operating expenses and our ability to achieve and maintain profitability; the impact of increasing competition in the Indian travel industry and our expectations regarding the development of our industry and the competitive environment in which we operate; the slowdown in Indian economic growth and other declines or disruptions in the Indian economy in general and travel industry in particular, including disruptions caused by safety concerns, terrorist attacks, regional conflicts, pandemics and natural calamities, our ability to successfully negotiate our contracts with airline suppliers and global distribution system service providers and mitigate any negative impacts on our revenue that result from reduced commissions, incentive payments and fees we receive; the risk that airline suppliers (including our GDS service providers) may reduce or eliminate the commission and other fees they pay to us for the sale of air tickets; our ability to pursue strategic partnerships and the risks associated with our business partners; the potential impact of recent developments in the Indian travel industry on our profitability and financial condition; political and economic stability in and around India and other key travel destinations; our ability to maintain and increase our brand awareness; our ability to realize the anticipated benefits of any past or future acquisitions; our ability to successfully implement our growth strategy; our ability to attract, train and retain executives and other qualified employees, including suitable replacements for any members of our senior management team or other employees who may seek other employment opportunities as a result of the certain cost reduction initiatives that we have taken in response to the COVID-19 pandemic; actions of activist shareholders; and our ability to successfully implement any new business initiatives. These and other factors are discussed in our reports filed with the U.S. Securities and Exchange Commission. All information provided in this press release is provided as of the date of issuance of this press release, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For more information, please contact:
Manish Hemrajani
Yatra Online, Inc.
VP, Head of Corporate Development and Investor Relations
ir@yatra.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/180599

SOURCE Yatra Online Inc.