Yatra Online Inc said its Indian unit, Yatra Online Ltd, has received approval from capital markets regulator Sebi to conduct an initial public offering (IPO).

According to the draft Red Herring Prospectus (DRHP), the proposed IPO consists of a new issue of Yatra India’s shares worth up to Rs 750 crore and an Offer for Offering (OFS) of up to 9,328,358 shares.

THCL Travel Holdings Cyprus Ltd and Pandara Trust – Scheme I will sell shares through its trustee, Vistra ITCL (India), as part of the OFS. Nasdaq-listed Yatra Online Inc said in a statement that Yatra Online Ltd had received Sebi’s final observation letter on November 17 for its March DRHP application.

In Sebi’s words, receiving an observation letter means it will go ahead with the IPO. The statement said that the proposed IPO could be opened for subscription within 12 months from the date of the observation letter.

According to the draft document, the travel service provider plans to use the net proceeds of the new offering for strategic investments, acquisitions and inorganic growth, customer acquisition and other organic growth initiatives.

Proceeds will also be used for general corporate purposes. The company is India’s leading corporate travel service provider, with approximately 700 large corporate clients and over 46,000 registered SME clients.

SBI Capital Markets Ltd, DAM Capital Advisors Ltd and IIFL Securities Ltd are the book-running managers for the offering.