Yatra Online shares make weak market debut, list at 10% discount to issue price

Shares of Yatra Online made a disappointing Dalal Street debut on Thursday as the stock was listed at a discount of 10 per cent at Rs 127.50 on the National Stock Exchange (NSE), against its issue price of Rs 142 apiece. Similarly, the stock kicked off its maiden trading session at Rs 130 on BSE, a discount of more than 8 per cent over the given issue price.

Yatra Online did not opt for T+3 listing and went for traditional T+6 listing only. However, the company did not command any significant premium in the unlisted market. From multiple sources, there was no premium for Yatra Online in the unofficial market. In recent times, Yatra Online is an exception which has been listed at discount.

The initial public offering of Yatra Online was open for bidding between September 15 to September 20. The company had offered its shares in the fixed price band of Rs 135-142 per equity share with a lot size of a minimum 105 shares and its multiples thereafter. The company raised a total of Rs 775 crore, which included a fresh share sale of Rs 602 crore.

The IPO of Yatra Online received a muted response at Dalal Street as the issue was overall subscribed 1.66 times. The portion set aside for retail investors was booked 2.19 times, while the portion for qualified institutional bidders (QIBs) was booked 2.10 times. However, allocation for non-institutional bidders was booked only 43 per cent.

Yatra Online, incorporated in 2005, provides information, pricing, availability, and booking facilities for domestic and international customers. The company provides air ticketing for domestic and international airlines, along with bus ticketing, rail ticketing, cab bookings, and other services.

DAM Capital Advisors, SBI Capital Markets, and IIFL Securities were the lead managers to the issue, while Link Intime India was appointed as the registrar to the issue.

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