After MakeMyTrip, now Yatra to be listed on NASDAQ
After the completion of the transaction, the company expects to be listed on NASDAQ Stock Market under the symbol "YTRA".
Online travel portal, YatraOnline, on Thursday announced that they have entered into an agreement to merge with Terrapin 3 Acquisition Corporation (TRTL), a NASDAQ-listed company. The deal is valued at $218 million (Rs 1,450.29 crore), the company said.
Yatra's rival, MakeMyTrip, is already listed on NASDAQ since 2010. During the IPO, as per a dna report, the company raised $70 million by pricing 5 million shares for $14 each.
The 10-year-old company, Yatra will be the surviving company in this deal. After the completion of the transaction, the company expects to be listed on NASDAQ Stock Market under the symbol "YTRA".
Co-founder and Chief Executive, Dhruv Shringi, said, "We are excited to partner with TRTL in a transaction that we believe will enable Yatra to continue its growth as a new public company. This transaction gives us substantial additional resources to support our growth and the continued improvement of our integrated online and mobile platforms".
For the year ended on March 2016, Yatra customers had booked more than 2.8 million air travel reservations and hotel stays worth more than $900 million (Rs 5987.47 crore).
Commenting on the agreement, Nathan Leight, Chairman of TRTL, said, "India's tremendous socio-economic trends toward urbanisation and the rapid adoption of e-commerce and smartphone use by a population with increasing amounts of disposable income, we are excited about Yatra's prospects".
Currently, the key investors in Yatra include Indian venture capital firms, US-based firms and Indian strategic investors, the company said in a release.