The Leela Palaces, Hotels and Resorts looks to make a significant entry into the public market, seeking a valuation of approximately $2.5 billion in its upcoming initial public offering (IPO), as reported by Mint.
24.05.2024 - 11:07 / skift.com / Peden Doma Bhutia / Akasa Air
From TBO Tek’s IPO launch and Akasa Air’s international network to the future of Vistara’s loyalty program post its merger with Air India, join Skift Asia Editor Peden Doma Bhutia and India Reporter Bulbul Dhawan as they discuss some of the biggest headlines from India.
TBO Tek IPO: Travel distribution company TBO Tek’s IPO was a success and its subsequent stock exchange listing saw positive sentiments from investors in the first week, as the company plans to use the funds for acquisitions.
Air India-Vistara Merger: As Tata group proceeds towards the merger of Air India and Vistara with the organizational structure of the merged entity already in place and employees being assessed for their future roles, details regarding the future of Vistara’s loyalty program have been shared.
Visa-Free Destinations for Indians: With the world realizing the spending power of Indian travelers, Thailand and Sri Lanka have extended their visa waivers for Indian passport holders to make travel to these destinations easier and more lucrative.
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TBO Tek launched its IPO was launched this month, and listed on the Indian stock exchanges last week. Bhutia shares that the company raised about $180 million in the IPO subscriptions. Of this funding, the company plans to allocate about $4.8 million for strategic acquisitions and investments. Dhawan speaks about IPO trends in the tourism industry in India and what the positive sentiment for TBO Tek indicates for travel industry as a whole.
Tata group’s low-cost airline Air India Express recently grappled with operational challenges, as its cabin crew went on mass sick leaves leading to flight delays and cancellations. The cabin crew was protesting against changes in compensation structure as well as unequal treatment of employees ahead of the airline’s merger with AIX Connect. The protests came shortly after Vistara pilots protested against the changes in their payment structure to align it with Air India’s policy.
Bhutia and Dhawan details about the progress of the Air India-Vistara merger, as details are emerging slowly. Internally, the companies have begun assessment of employees to fix their roles and responsibilities, and have finalized the organizational structure. Vistara has also shared details about how its loyalty program and Club Vistara benefits will be migrated into Air India’s Flying Rewards program.
Akasa Air announced its expansion to its second international destination – Jeddah in Saudi Arabia. The expansion took place in less than two years of operations, and with this, the airline is operating in 24 cities, including Jeddah and Doha in Qatar. Dhawan attributes this rapid growth to an
The Leela Palaces, Hotels and Resorts looks to make a significant entry into the public market, seeking a valuation of approximately $2.5 billion in its upcoming initial public offering (IPO), as reported by Mint.
Having raised INR 3.33 billion ($40 million) from anchor investors on Friday, Ixigo opened its initial public offering (IPO) on Monday.
Budget airline Air India Express has announced that it will be commencing operations from the Hindon airport in the national capital region (NCR), in addition to its ongoing operations from the Delhi airport. With this, it has become the first airline to operate from two airports in the NCR.
Le Travenues Technology, the parent company of Indian travel aggregator Ixigo, will be launching its initial public offering (IPO) on June 10. The company announced on Wednesday that the INR 7.4 billion ($89 million)-IPO size, includes a fresh issuance of equity shares worth INR 1.2 billion ($14.4 million) (and an offer for sale of INR 6.2 billion ($74.4 million). The IPO price band ranges from INR 88 to 93 per share.
Oyo is expanding the footprint of its premium vacation home rental brand, Belvilla: On Tuesday, it announced the launch of Belvilla by Oyo in the UK.
Good morning from Skift. It’s Tuesday, June 4. Here’s what you need to know about the business of travel today.
“India is a country we’re very interested in,” Sebastien Bazin, the group chairman and CEO of Accor, said during the company’s earnings call Friday.
IndiGo CEO Pieter Elbers told Skift that the airline’s new business class product would stay faithful to the IndiGo brand and that it’s the right time for an “IndiGo-like product” to serve the next wave of Indian air travelers.
In an effort to attract more tourists and remote workers, the Thai cabinet this week rolled out a series of new visa promotions, including visa-free and visa-on-arrival schemes, extended stays for students, and reduced compulsory health insurance for retirees.
In a rebound of international travel, over 1.5 million Chinese citizens embarked on outbound trips during the recent Golden Week holiday, marketing technology firm China Trading Desk told Skift.
Did you miss out on some of the biggest stories from India last week? Don’t worry, we’ve got you covered. In this episode of the Skift India Travel Podcast, join Asia Editor Peden Doma Bhutia and India Reporter Bulbul Dhawan as they delve into IndiGo’s exciting announcement of a new business class and explore the latest challenges and successes in the Indian hospitality sector. Stay tuned for all this and more in this episode of the Skift India Travel Podcast.
Global rating agency Fitch Ratings has upgraded Oyo-parent company Oravel Stays’ long-term rating to “B” from “B-” with a “stable” outlook.