Easy Trip Planners, an online travel agency revealed its intent to list on the stock exchanges by collecting 510 crores in an initial public offering (IPO). The agency has set a price range of 186-187 per share for its IPO. The IPO is scheduled to begin accepting subscriptions on March 8 and end on March 10. Founded by Nishant Pitti and Rikant Pitti in 2008, the agency will offload shares worth Rs. 255 crores each through an offer for sale. Investors will bid for a minimum of 80 equity shares, taking the total sum bid to $14,960. The maximum available lot size is 1,040 shares, which amounts to a maximum of $19,448.
Nishant Pitti and Rikant Pitti, the company’s founders, own 49.8% and 49.6% of the company, respectively. A B2B2C (business to business to customer) model is used by Make My Trip’s four-fold competitor, Easy Trip Planners or Ease My Trip. To focus on the offline travel market, the company allows travel agents to book domestic air travel tickets. The company’s B2C model began in 2011 when it began focusing on the Indian middle class’s travel needs. To provide end-to-end travel solutions to its corporate clients, the company has extended its model to include a B2E (business to enterprise) distribution channel.
The company is known for avoiding any hidden costs in its travel plans, which may lift the ticket rates for travelers, to keep them affordable and accessible. It also offered the option of a no-convenience fee, so consumers would not have to pay any service fees if there was no discount or coupon. As of September 30, 2019, the company claims to have a large network of 52,752 travel agents, tapping into the offline travel market. According to the company, it has over 9.27 million customers directly associated with it. On March 19, 2021, the IPO is scheduled to go public.
