Travel app ixigo files for a ₹1,600 crore IPO
- ixigo’s parent company Le Travenues Technology has filed preliminary papers for the IPO.
- The company aims to raise ₹750 crore through fresh issue and ₹850 crore through secondary issue.
- The issue would offer partial exits to investors such as Elevation Capital and Micromax.
According to the preliminary prospectus submitted with the Securities and Exchange Board of India (SEBI), ixigo’s IPO would include a fresh issue of ₹750 crore and an offer for sale (OFS) component of ₹850 crore.
|Issue size||₹1,600 crore|
|Fresh issue||₹750 crore|
|Offer for Sale (OFS)||₹850 crore|
|OFS by||Elevation Capital, Micromax, and founders Aloke Bajpai and Rajnish Kumar|
|Investment bankers||ICICI Securities, Axis Capital, Kotak Mahindra Capital & Nomura|
|Legal advisors||Shardul Amarchand Mangaldas and Khaitan & Co|
ixigo’s DRHP highlights that Elevation Capital (formerly known as SAIF) would be selling shares worth ₹550 crore. Meanwhile, Micromax would be selling shares worth ₹200 crore.
Both Aloke Bajpai and Rajnish Kumar, who founded the company in 2007, will be selling shares worth ₹50 crore each.
Earlier this week, MakeMyTrip, which invested about $5 million in ixigo back in 2011, completely exited Le Travenues Technology ahead of its IPO. With this, MakeMyTrip’s founder Deep Kalra also stepped down from ixigo’s board post this sell-off.
The publicly listed company has made about 8-fold return on its initial investment in ixigo. It sold the shareholdings for $38.5 million, clocking $33.1 million as net returns.
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