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.
AdvertisementGurugram-based online ticketing startup Le Travenues Technology — which operates the travel app ixigo — has filed the draft red herring prospectus (DRHP) to raise ₹1,600 crore through its initial public offering (IPO).
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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