Yatra Online, Inc.’s Indian Subsidiary Yatra Online Limited Files Draft Red Herring Prospectus

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Proceeds from the IPO to fund a range of organic growth initiatives and strategic investments

Gurugram, India and New York, New York–(Newsfile Corp. – March 25, 2022) – Yatra Online, Inc. (NASDAQ: YTRA), India’s leading business travel services provider and one of the leading online travel companies in India today announced that its Indian subsidiary, Yatra Online Limited, filed a draft Red Herring (“DRHP”) prospectus with the Securities and Exchange Board of India (“SEBI”) on March 25 2022, for an initial public offering (the “IPO”) of up to INR 7,500 million or approximately USD 100 million of primary proceeds and a secondary offering of up to 8,896,998 equity shares by THCL Travel Holding Cyprus Limited (“THCL”), a subsidiary of Yatra Online, Inc., which is approximately 8% of the outstanding shares of Yatra Online Limited. You can find more details about the deposit at https://investors.yatra.com.

“Over the past 15 years, we have grown our business to become one of India’s leading online travel agencies,” said Dhruv Shringi, CEO of Yatra Online, Inc. “The Indian travel industry is set to continue to grow, driven by tourism infrastructure development, increased discretionary spending and more frequent business and leisure travel. With this proposed share offering, we will be able to tap into a complementary shareholder base that offers a tremendous opportunity to benefit from the growth in tourism spending in India and accelerate the significant growth initiatives we have underway, creating value for our long-term investors.”

Yatra Online, Inc. expects Yatra Online Limited’s IPO in India will enable the company to:

  • Access domestic Indian institutional and retail investors who are currently not permitted to invest in Yatra Online, Inc. through its NASDAQ listing due to regulatory constraints.

  • Broaden the potential shareholder base of the consolidated company to add Indian capital markets and increase its visibility to more equity analysts.

  • Raise capital at a potentially higher valuation, reducing dilution and balance sheet risk.

The extent of Yatra Online, Inc.’s dilution from the primary issuance of shares and the value of the proceeds from the secondary sale of shares by THCL will be determined through a price discovery process. Yatra Online Limited’s IPO will be subject to favorable market conditions, as well as corporate, regulatory and other approvals, as applicable or required. There can be no assurance that the IPO will occur.

The Company will host a conference call today, March 25, 2022, at 8:30 a.m. Eastern Standard Time (or 6:00 p.m. Indian Standard Time) to discuss the filing.

Connection details for the live conference call:
US/International phone number: +1 856-344-9221
Confirmation code: 7615407 (callers should dial 5-10 minutes before the start time and provide the operator with the confirmation code)

Connection details for replay:
A telephone replay will be available for five days after the end of the conference call.
US/International Phone Number: +1-719-457-0820
Confirmation Code: 7615407

This replay can also be accessed through the Investor Relations section of the Company’s website at http://investors.yatra.com

About Yatra Online, Inc.
Yatra Online, Inc. is the ultimate parent company of Yatra Online Limited (formerly known as Yatra Online Private Limited) headquartered in Gurugram, India and is the leading business travel service provider in India with over 700 large corporate clients and one of the leading online travel agencies and operates the website https://www.yatra.com/. The company provides information, rates, availability and reservation services for domestic and international air travel, domestic and international hotel reservations, vacation packages, buses, trains, city activities, taxis long distance and point-to-point, homestays and cruises. . With approximately 94,000 hotels and homestays under contract in approximately 1,400 cities across India as well as over 2 million hotels globally, the company is India’s largest platform for domestic hotels . The company recently launched a freight forwarding business called Yatra Freight to further expand its business services offering.

Safe Harbor Statement
This press release contains certain forward-looking statements, as defined in the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company’s current expectations, assumptions, estimates and projections regarding the society 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 operating plans, and our response to the letter to shareholders of 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 outcome the legal proceedings that we have initiated against Ebix and any other legal proceedings that may be initiated against us and others, in connection with the termination of the agreement pending merger between us and Ebix; the effect that the termination of the merger agreement may have on the price of our common stock, our business, our financial condition and our results of operations; the impact of the COVID-19 pandemic; our ability to generate positive cash flow and the sufficiency of our cash flow from operations to meet our liquidity needs; our future financial performance, including our revenues, cost of revenues, 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; slowing Indian economic growth and other declines or disruptions to the Indian economy in general and the travel industry in particular, including disruptions caused by security issues, terrorist attacks, regional conflicts, pandemics and natural calamities, our ability to successfully negotiate our contracts with airline suppliers and service providers of the global distribution system and mitigate any negative impact on our revenues resulting from the reduction of commissions, incentive payments and fees that we receive; the risk that airline suppliers (including our GDS service providers) reduce or eliminate the commissions and other fees they pay to us for the sale of airline 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, develop and retain executives and other qualified employees, including suitable replacements for any member of our management team or other employees who may seek other employment opportunities as a result of certain cost reduction initiatives we have taken in response to the COVID-19 pandemic; shareholder activist actions; and our ability to successfully implement any new business initiative. These and other factors are discussed in our reports filed with the United States Securities and Exchange Commission. All information provided in this press release is provided as of the date of this press release, and we undertake no obligation to update any forward-looking statements except as required by applicable law.

For more information please contact:
Manish Hemrajani
Yatra Online, Inc.
Vice President, Head of Corporate Development and Investor Relations
[email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/118114

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