Easy Trip Planners Limited IPO Review

Easy Trip Planners (EaseMyTrip) commenced its operations in 2008 by focusing on the B2B2C (business to business to customer) 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. Company is raising Rs 510 Crores through this IPO.

IPO opens onMar 08, 2021
IPO ends onMar 10, 2021
Share Listing dateMar 19, 2021
Face valueRs 2 per equity share
IPO PriceRs 186 to 187 per share
Outstanding equity share prior to offer108,645,000 Equity Shares
Fresh issue amount0
Offer for saleRs 510 Cr (27272727 Equity Shares assuming higher band price)
Market Lot Size80 shares
Max lots per retail investor13 lots (Rs 194480 assuming higher band price)
Pre-IPO Market cap (assuming higher band price)2032 Cr
Post-IPO Market cap (assuming higher band price)2032 Cr

Sales and Profit/Loss data

Here is Easy Trip Planners’s revenue/sales and net profit data in INR Crores

Dec 31 2020 (9 months)Mar 31 2020 (1y)Mar 31 2019 (1y)Mar 31 2018 (1y)
Total Revenue81.5179.7151.1113.6
Net profit31.134.629.36.6
Revenue growth18.9%33%

Company valuation

Easy Trip Planners is small cap company and its post IPO market cap is Rs 2032 Cr. at the upper band of IPO price and their total sale is Rs. 179.7 Cr (profit Rs 34.6 Cr) in 2019-20. Since travel industry is heavily impacted by covid, it might be better to consider 2019-20 total profit for evaluation purpose. The market cap to 2019-20 annual profit (P/E) ratio is 58.7. This ratio is high considering the travel industry is still facing covid impact. There might be some listing gain due to high growth expectation but conservative investors should probably avoid this IPO.