Online travel agent Yatra has completed its reverse merger and has begun trading on the NASDAQ stock exchange under the stock ticker YTRA. The company’s stock was priced at $10 before opening trade and ended lower at $9.7 at the day’s close on Tuesday.

Yatra had announced the deal back in July when it merged with Terrapin 3 Acquisition Corporation, a special purpose acquisition company. A reverse merger is when an unlisted company lists on the stock market by acquiring an already listed company. The last listing-via-merger in the Indian digital space was probably Ybrant digital (now Lycos).

Yatra’s current shareholders will continue to hold 35% in the listed entity, and were given a maximum of $80 million cash from the transaction, and up to $35 million subject to some performance targets. Its investors include Norwest Venture Partners, Intel Capital, TV18 Group and Reliance Venture Asset Management, IDG Ventures India and Vertex Venture Holdings. It raised about $20 million in 2014, and $14.5 million in 2012. Investor holding in Yatra was believed to be around 80%.

The merged company has also raised $92.5 million of primary capital from a clutch of global investors following listing on the stock exchange, according to this Economic Times report. Yatra also added that Terrapin will become a partially-owned subsidiary of Yatra.

The management team at Yatra will continue to be led by co-founder and CEO Dhruv Shringi. The company claims to have 4 million users, and connects 60,000 hotels in India.

The company is also taking leverage of its partnership with Reliance Venture Asset Management and Yatra’s app will be pre-installed on the LYF 4G mobile phones, the Economic Times added. Shringi added that this would allow the company to go into tier 2 and tier 3 markets in India.

Earlier this year, rivals MakeMyTrip and GoIbibo group merged in a consolidation of the two largest online travel players in India. The deal is awaiting regulatory approval from the Competition Commission of India considering that these are effectively the two largest online travel agents in India.

This story was first posted on MediaNama, and is used here with permission.
Tags: nasdaq, yatra
Photo Credit: Image of Yatra's logo on a billboard in Times Square, New York, following its listing on the NASDAQ stock exchange. Yatra