Easy Trip Planners, which operates the EaseMyTrip websites and mobile apps, is planning a stock market listing in India.
The online travel agency is looking to raise about $70 million through the sale of shares.
According to its prospectus the funds raised will not come to the company and the purpose of the Initial Public Offering is to “achieve the benefits of listing of our Equity Shares.”
Nishant Pitti, chief executive of the company and Rikant Pittie, executive director, are putting up half the shares each for the proposed offering.
According to the prospectus, analytics firm CRISIL ranks Easy Trip Planners second in India’s OTAs by gross booking revenue after MakeMyTrip.
The company, which launched in 2008, offers a range of travel booking services including flights, hotels, rail, activities and ancillary services such as insurance and visa processing.
Easy Trip Planners has expanded from its original roots of offering travel services through travel agents to direct-to-consumer services tapping into India’s burgeoning middle class.
It then launched into the corporate travel segment in 2013.
The company says visits to its easemytrip.com and easemytrip.in websites have increased from 15 million visits in 2017 to 42 million in 2019.
The IPO is expected to launch on March 8 and the company says its decision to list now is based on "market, commercial, legal and other factors."