Easy Trip Planners IPO open for subscription, Anand Rathi says buy
Easy Trip Planners IPO open date: This is an offer for sale of Equity Shares aggregating upto Rs 510 cr. Easy Trip Planners IPO to issue 27,419,354 – 27,272,727 shares at a face value of Rs 2. Price band of the IPO is Rs 186 – Rs 187 and the Bid lot is 80 Shares and in multiple thereof. Post Issue Implied Market Cap of Easy Trip Planners would be Rs 2021 – Rs 2032 cr. Book Running Lead Manager of Easy Trip Planners IPO is Axis Capital, JM Financial and the Registrar is KFin Technologies. Easy Trip Planners IPO opens for Subscription today and closes on Wednesday 10th March, 2021.
Easy Trip Planners is ranked second among the Key Online Travel Agencies in India in terms of booking volume in the nine months ended December 31, 2020 and third among Key Online Travel Agencies in India in terms of gross booking revenues in Fiscal 2020. The company is the only profitable online travel agency among Key Online Travel Agencies in India in Fiscals 2018, 2019 and 2020.
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Easy Trip Planners offers a comprehensive range of travel-related products and services for end-to-end travel solutions, including airline tickets, hotels and holiday packages, rail tickets, bus tickets and taxis as well as ancillary value added services such as travel insurance, visa processing and tickets for activities and attractions. As of December 31, 2020, it provided its customers with access to more than 400 international and domestic airlines, more than 1,096,400 hotels in India and international jurisdictions, almost all the railway stations in India as well as bus tickets and taxi rentals for major cities in India.
In addition, as of March 31, 2020, it had 55,981 travel agents registered with it across almost all major cities in India, it had the largest network of travel agents among Key Online Travel Agencies as of such period. Further, the number of travel agents registered with it increased to 59,274, as of December 31, 2020.
Easy Trip Planners commenced operations in 2008 by focusing on the B2B2C distribution channel and providing travel agents access to its website to book domestic travel airline tickets in order to cater to the offline travel market in India. Subsequently, by leveraging its B2B2C channel, it commenced operations in the B2C (business to customer) distribution channel in 2011 by primarily focusing on the growing Indian middle class population’s travel requirements. Consequently, due to its presence in the B2B2C and B2C channels, it was able to commence operations in the B2E (business to enterprise) distribution channel in 2013 with the aim of providing end-to-end travel solutions to corporates. Its presence in three distinct distribution channels provides it with a diversified customer base and wide distribution network.
Easy Trip Planners Valuation:
At the upper end of the IPO price band, it is offered at 58.62x its FY20 earnings, with a market cap of Rs. 2032 crores. There are no listed entities in India whose business portfolio is comparable with that of its business. Given the company’s strong operating and financial performance in a highly competitive and growing industry; including strong margins, RoNW of 32.58% in FY20, strong balance sheet and management – Anand Rathi gives this IPO a "Subscribe" rating.
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