Gurugram, India and New York, New York--(Newsfile Corp. - September 16, 2021) - Yatra Online, Inc. (NASDAQ: YTRA) (OTC Pink: YTROF) ("Yatra" or "the Company"), India's leading corporate travel services provider and one of India's leading online travel agencies, today announced it is considering an additional listing of its Indian subsidiary on the stock exchanges in India, while retaining its existing listing on the Nasdaq.
Based on its preliminary discussions and analysis, Yatra believes potential benefits of this listing, which would support its ongoing strategy and value creation opportunities, include:
- Access to an additional pool of capital, including retail and institutional investors in India already familiar with Yatra's business and brand but who are currently restricted from participating in the U.S. markets;
- Unlock additional value for US shareholders;
- Provide a liquid stock that can be used for local M&A in India;
- Further capital to strengthen the balance sheet; and
- Additional sell-side research analyst coverage.
As we continue to execute on our strategy, our Board of Directors and management team regularly considers opportunities to enhance value for Yatra shareholders," said Dhruv Shringi, Chief Executive Officer of Yatra. "As part of these ongoing efforts, we are evaluating the benefits of an additional listing in India to support our ongoing strategy, accelerate our growth efforts and strengthen our offerings. Over the coming weeks our Board and management team will work with its advisors to determine if this is in fact the right approach to unlock additional value for our shareholders."
The Company has engaged leading Indian financial advisors in connection with its evaluation. There is no assurance that Yatra will proceed with a listing, or that the exchanges would approve a listing application by Yatra.
About Yatra Online, Inc.
Yatra Online, Inc. is the parent company of Yatra Online Pvt. Ltd. which is based in Gurugram, India and is India's leading Corporate Travel services provider with over 700+ Corporate customers and one of India's leading online travel companies and operates the website https://www.yatra.com/. The company provides information, pricing, availability, and booking facility for domestic and international air travel, domestic and international hotel bookings, holiday packages, buses, trains, in city activities, inter-city and point-to-point cabs, homestays and cruises. As a leading platform of accommodation options, Yatra provides real-time bookings for more than 94,000 hotels in India and over 2,000,000 hotels around the world. The company has also further expanded its digital offerings in non-travel categories such as Freight forwarding services.
Safe Harbor Statement
This press release contains certain forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company's current expectations, assumptions, estimates and projections about the Company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate," "believe," "estimate," "expect," "intend," "will," "project," "seek," "should" and similar expressions. Such statements include, among other things, management's beliefs, our strategic and operational plans, and our response to the letter to shareholders from Maguire Asset Management, LLC. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the outcome of the legal proceedings we have instituted against Ebix and any other legal proceedings that may be initiated against us and others, in connection with the termination of the pending merger agreement between us and Ebix; the effect that the termination of the merger agreement may have on the price of our ordinary shares, and our business, financial condition and results of operations; the impact of the COVID-19 pandemic; our ability to generate positive cash flow and the sufficiency of our operating cash flow to meet our liquidity needs; our future financial performance, including our revenue, cost of revenue, operating expenses and our ability to achieve and maintain profitability; the impact of increasing competition in the Indian travel industry and our expectations regarding the development of our industry and the competitive environment in which we operate; the slowdown in Indian economic growth and other declines or disruptions in the Indian economy in general and travel industry in particular, including disruptions caused by safety concerns, terrorist attacks, regional conflicts, pandemics and natural calamities, our ability to successfully negotiate our contracts with airline suppliers and global distribution system service providers and mitigate any negative impacts on our revenue that result from reduced commissions, incentive payments and fees we receive; the risk that airline suppliers (including our GDS service providers) may reduce or eliminate the commission and other fees they pay to us for the sale of air tickets; our ability to pursue strategic partnerships and the risks associated with our business partners; the potential impact of recent developments in the Indian travel industry on our profitability and financial condition; political and economic stability in and around India and other key travel destinations; our ability to maintain and increase our brand awareness; our ability to realize the anticipated benefits of any past or future acquisitions; our ability to successfully implement our growth strategy; our ability to attract, train and retain executives and other qualified employees, including suitable replacements for any members of our senior management team or other employees who may seek other employment opportunities as a result of the certain cost reduction initiatives that we have taken in response to the COVID-19 pandemic; actions of activist shareholders; and our ability to successfully implement any new business initiatives. These and other factors are discussed in our reports filed with the U.S. Securities and Exchange Commission. All information provided in this press release is provided as of the date of issuance of this press release, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Contact:
Manish Hemrajani
Yatra Online, Inc.
VP, Corporate Development and Investor Relations
ir@yatra.com
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