EaseMyTrip, Puranik Builders, two others get SEBI nod for IPO
Photo Credit: Reuters

New Delhi-based online travel company Easy Trip Planners Ltd, Thane-based developer Puranik Builders Ltd and two other companies have received regulatory approval to float their initial public offerings. 

Capital markets regulator Securities and Exchange Board of India (SEBI) issued final observations to Easy Trip as well as Puranik Builders’ IPO proposals on January 31, according to information published on its website. 

Ahmedabad-based civil construction firm Montecarlo Ltd and Vadodara-based Chemcon Speciality Chemicals Ltd received SEBI approval to float an IPO on January 28, the website showed.

This takes the number of companies that have received regulatory clearance this year for an IPO to six. SEBI had cleared 28 IPO proposals last year, 72 the year before and 46 in 2017. 

Easy Trip, which operates travel portal EaseMyTrip.com, had filed its draft prospectus with SEBI on December 12. The IPO size is pegged at Rs 510 crore ($72 million). The promoters Nishant Pitti and Rikant Pittie, who are brothers, will each sell shares worth Rs 255 crore, according to the prospectus. 

Easy Trip will become the first Indian travel company to list on Indian bourses and will join a handful of internet companies that have gone public in recent years.

Venture capital-backed Matrimony.com, which owns BharatMatrimony, went public in September 2017. Online business-to-business marketplace IndiaMART InterMESH Ltd went public in July 2019. MakeMyTrip, India’s largest online travel company, listed on the Nasdaq in early 2013.

Axis Capital and JM Financial are the merchant bankers arranging Easy Trip’s IPO.

Puranik Builders 

The company refiled its IPO plan with SEBI on November 20 last year. The issue comprises a fresh sale of shares worth Rs 810 crore and a secondary market sale of shares by its promoters and existing shareholders. 

Edelweiss Financial Services and Axis Capital are merchant bankers managing the IPO. 


Montecarlo re-filed its draft prospectus on September 27 last year. Its IPO comprises a fresh issue of shares worth Rs 450 crore and a sale of 3 million shares by its promoter Kanubhai Patel Trust. 

The IPO size is estimated at Rs 500-550 crore. After accounting for the fresh issue of shares, the offering may result in a stake dilution of about 15%, VCCircle estimates show. 

Montecarlo had filed its IPO plan with SEBI in May 2018 and had received a nod in July 2018. In June last year, VCCircle reported that the company faced some legal hurdles with an apparel maker by the same name. Ludhiana-based Monte Carlo Fashions Ltd, which listed on the stock exchanges in late 2014, had filed a civil suit at a district court in the Punjab city, following which a judge restrained Montecarlo Ltd from going ahead with its IPO.

Edelweiss Financial Services, Axis Capital, and HDFC Bank are merchant bankers to Montecarlo’s IPO.

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