Pitti brothers of EaseMyTrip planning to sell shares worth Rs 510 crores in IPO

Last Updated: Mon, Dec 16, 2019 18:44 hrs
EaseMyTrip (Image Courtesy: EaseMyTrip)

Mumbai: EaseMyTrip, an online travel company is reported as having filed draft papers with the capital-market regulator Securities & Exchange Board of India (SEBI).

According to some estimates, the IPO is expected to raise Rs 510 crores. The company's founders Nishant Pitti and Rikant Pitti are expected to off-load shares worth Rs 255 crores each in an Offer for sale (OFS).

The company was reported as saying that the objective of the public issue was to enhance visibility and provide liquidity to existing shareholders.

The company's issue will be managed by Axis Capital and JM Financial.

Founded in 2008, EaseMyTrip is an online travel agency market with offices across various Indian cities, including Noida, Bengaluru, Mumbai and Hyderabad. Its international offices (as subsidiary companies) are located in Singapore, the UAE and the UK.