Online travel company EaseMyTrip has filed draft papers with capital markets regulator Sebi to float a Rs 510 crore initial public offering. Through the IPO, company's founders Nishant Pitti and Rikant Pitti will each sell shares to the tune of Rs 255 crore through offer-for-sale mechanism, according to draft papers filed with the Securities and Exchange Board of India (Sebi). EaseMyTrip.com is operated by Easy Trip Planners Private Ltd.
The city-based company said the object of the public issue is to achieve the benefits of listing the equity shares on stock exchanges.
"Our company expects that listing of the equity shares will enhance our visibility and brand and provide liquidity to its existing shareholders," it added.
The company's issue is being 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. In 2010, online travel company MakeMyTrip got listed on the Nasdaq.