Yatra Online (NASDAQ:YTRA) reported a proposed public offering of ordinary shares.
The India-based travel firm, with offices in New York, reported an underwritten public offering of 12,500,000 of its ordinary shares, at a public offering price of $0.80 per ordinary share. Yatra has granted the underwriter a 30-day option to purchase up to additional 1,875,000 ordinary shares at the public offering price less underwriting discounts and commissions.
H.C. Wainwright & Co. is acting as the sole book-running manager for the offering.
The gross proceeds of the offering are expected to be $10.0 million U.S., prior to deducting underwriting discounts and commissions and offering expenses and excluding the underwriter's option to purchase additional ordinary shares.
This offering is expected to close on or about Monday, subject to satisfaction of customary closing conditions. Yatra intends to use the net proceeds from this offering for general corporate and business purposes.
Yatra boasts a status as the second largest online travel agent company in India. Based in Gurugram, India, Yatra calls itself "a one-stop-shop for all travel related services."
Shares stumbled 17 cents, or 17.5%, to 80 cents in Friday’s first hour.
