Yatra Online, Inc.'s Indian Subsidiary, Yatra Online Limited, Receives SEBI Final Observations

Gurugram, India and New York, New York--(Newsfile Corp. - November 18, 2022) - Yatra Online, Inc. (NASDAQ: YTRA) (the Company) announced that its Indian Subsidiary, Yatra Online Limited, a leading, full-service online travel company in India and one of the most well-recognized travel brands in India, has received the final observation letter dated November 17, 2022 (Observation Letter) from the Securities and Exchange Board of India (SEBI) in connection with the draft red herring prospectus dated March 24, 2022 (DRHP).

Yatra India had filed the DRHP with SEBI through which Yatra India has proposed an initial public offering (IPO) of its equity shares comprising a fresh issue of up to ₹7,500 million by Yatra India ("fresh issue" or "primary sale") and an offer for sale of up to 9,328,358 equity shares.

The proposed IPO can open for subscription within a period of 12 (twelve) months from the date of issuance of the Observation Letter.

The Company also announced that it will report its second quarter financial results for the period ended September 30, 2022 before market opens in New York on Tuesday, November 29, 2022. The Company will post the release in the Investor Relations section of its website at http://investors.yatra.com

The release will be followed by a conference call hosted by Company's senior management team on November 29, 2022 at 8:30 AM Eastern Standard Time (or 7:00 PM India Standard Time) to discuss the results.

Dial-in details for the live conference call:
US/International dial-in number: +1-646-664-1960
Confirmation Code: 898296 (Callers should dial in 5-10 minutes prior to the start time and provide the operator with the Confirmation Code)

Webcast Details:
https://events.q4inc.com/earnings/YTRA/2022

About Yatra Online, Inc.

Yatra Online, Inc. is the ultimate parent company of Yatra Online Limited (Formerly known as Yatra Online Private Limited, hereinafter referred to as "Yatra India") whose corporate office is based in Gurugram, India. Yatra India is India's leading corporate travel services provider with approximately 700 large corporate customers and over 46,000 registered SME customers and the second largest consumer online travel company (OTC) in the country in terms of gross booking revenue for Fiscal 2020 (Source: CRISIL Report). Leisure and business travelers use Yatra India's mobile applications, its website, www.yatra.com, and its other offerings and services to explore, research, compare prices and book a wide range of travel-related services. These services include domestic and international air ticketing on nearly all Indian and international airlines, as well as bus ticketing, rail ticketing, cab bookings and ancillary services within India. With approximately 93,500 hotels in approximately 1,400 cities and towns in India as well as more than 2 million hotels around the world, Yatra India has the largest hotel inventory amongst key Indian online travel agency (OTA) players (Source: CRISIL Report). Yatra India recently launched a freight forwarding business called Yatra Freight to further expand its corporate service offerings.

Disclaimer

Yatra Online Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, an initial public offering of its equity shares (the "Equity Shares"), and has filed a draft red herring prospectus dated March 24, 2022 (the "DRHP") with the Securities and Exchange Board of India ("SEBI"). The DRHP is available on the website of SEBI at www.sebi.gov.in and the website of the Lead Managers at www.sbicaps.com, www.damcapital.in and www.iiflcap.com, and will be available on the websites of BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com, respectively. Any potential investor should note that investment in Equity Shares involves a high degree of risk. For details, potential investors should refer to the DRHP, including the section titled "Risk Factors" appearing on page 30. Also, note that submission of the offer document to SEBI should not in any way be deemed or construed that the same has been cleared or approved by SEBI. SEBI does not take any responsibility either for the financial soundness of any scheme or the project for which the IPO is proposed to be made or for the correctness of the statements made or opinions expressed in the offer document.

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.

For more information, please contact:
Manish Hemrajani
Yatra Online, Inc.
VP, Head of Corporate Development and Investor Relations
ir@yatra.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/144783

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