IPO Tracker: SAMHI Hotels, Zaggle Prepaid sail through on last day; Yatra Online issue subscribed just 22% on Day 2

Three IPOs, including Yatra Online, SAMHI Hotels and Zaggle Prepaid are currently open for subscription. For both SAMHI and Zaggle, Monday is the last day for bidding, while Yatra Online’s issue closes on September 20. Here’s a look at their subscription status:

Yatra Online

The initial public offer of Yatra Online, which opened on September 15, was subscribed just 22% so far on the second day of the bidding process. However, the retail category was fully booked at 1.08x.

There was limited demand from non-institutional investors, whose category was subscribed 7%, and there were no bids from qualified institutional buyers.

The Rs 775-crore IPO comprises fresh equity issue worth Rs 602 crore and an offer for sale (OFS) of up to 1.21 crore shares.

The price band for the IPO is at Rs 135-142, where investors can bid for a minimum of 105 equity shares and in multiples thereafter.

About 75% of the offer is reserved for qualified institutional buyers, 15% for non-institutional investors and 10% for retail investors.

Yatra Online offers a comprehensive range of travel and travel-related products and services catering to the needs of passengers travelling domestically, as well as travelling to and from international destinations.

SAMHI Hotels & Zaggle Prepaid IPOs
After a tepid demand for the first two days, the IPOs of SAMHI Hotels and Zaggle Prepaid managed to sail through on the last day of the bidding process. Both issues opened on September 14.

While SAMHI Hotels’ issue was subscribed 1.6 times so far, Zaggle Prepaid’s offer was booked nearly 3 times on Day 3, as institutional investors led the bidding.

The QIB parts of both SAMHI and Zaggle were subscribed 3.09x and 2.94x, respectively.

Analysts were mixed on the ratings for these IPOs on profitability concerns and aggressive valuations.

While SAMHI’s Rs 1,370 crore IPO comprises a fresh equity issue of Rs 1,200 crore and an OFS of 1.35 crore equity shares, Zaggle’s issue includes a fresh equity issue of Rs 392 crore and an OFS of 1.04 crore shares.

Currently, Zaggle is trading with a premium of Rs 16 as against the upper price band of Rs 164 and SAMHI Hotels is commanding a premium of just Rs 4 compared to the upper price band of Rs 126.

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