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Updated on: Friday, August 13, 2021, 12:07 PM IST

Travel platform Ixigo files Rs 1,600 cr IPO papers with Sebi

PTI
The initial public offer (IPO) comprises fresh issuance of shares worth Rs 750 crore and an offer of sale of equity shares to the tune of Rs 850 crore by existing shareholders, according to red herring prospectus (DRHP). t.
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The initial public offer (IPO) comprises fresh issuance of shares worth Rs 750 crore and an offer of sale of equity shares to the tune of Rs 850 crore by existing shareholders, according to red herring prospectus (DRHP). t. |

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Le Travenues Technology Ltd, which operates travel platform Ixigo, has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,600 crore through an initial share sale.

The initial public offer (IPO) comprises fresh issuance of shares worth Rs 750 crore and an offer of sale of equity shares to the tune of Rs 850 crore by existing shareholders, according to red herring prospectus (DRHP).

As a part of the OFS, Saif Partners India IV will offload shares worth Rs 550 crore, Micromax Informatics will sell shares for Rs 200 crore and Aloke Bajpai and Rajnish Kumar will divest stakes worth Rs 50 crore each.

At present, SAIF Partners holds 23.97 per cent in the company, Micromax 7.61 per cent, Aloke Bajpai 9.18 per cent and Rajnish Kumar 8.79 per cent stake in the firm.

Proceeds of the fresh issue will be used to fund the company's organic and inorganic growth initiatives and for general corporate purposes.

Launched in 2007 by Aloke Bajpai, Ixigo is focused on empowering travellers to plan, book and manage their travels by leveraging artificial intelligence, machine learning and data science-led innovations. The Gurugram-headquartered company has a user base of over 250 million.

In July, Ixigo has raised $53 million, through a combination of primary and secondary issuance of shares, from investors, led by Singapore sovereign wealth fund GIC. It has weathered the coronavirus pandemic well and managed to grow despite most travel companies being at under half of FY20 revenues in FY21.

ICICI Securities, Axis Capital, Kotak Mahindra Capital, Nomura Financial Advisory and Securities are the lead managers to the issue.

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Published on: Friday, August 13, 2021, 12:08 PM IST
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