A draft red herring prospectus (DRHP) for an initial public offering (IPO) has been filed with the Security Exchange Board of India (SEBI) by Le Travenues Technology Limited, the parent company of online travel aggregator (OTA) ixigo.
The company has suggested raising up to Rs 66,677,674 through an offer for sale (OFS) of fresh issues valued at Rs 120 crore.
The company is making its second attempt at going public with this listing. In August 2021, the company attempted to raise Rs 1,600 crore through an initial public offering (IPO). However, Ixigo later canceled the plans to list, citing adverse macroeconomic circumstances.
All the same, the most recent documents reveal that Peak XV Partners will sell 13,024,000 shares, while Elevation Capital (previously SAIF Partners) is selling up to 19,437,465 stocks. Co-founders Rajnish Kumar and Aloke Bajpai will each sell 11,950,000 shares. Micromax Informatics, Placid Holdings, and Madison India Capital are among the OFS participants.
The issue’s book-running lead managers are Axis Capital, DAM Capital, and JM Financial.
According to Ixigo’s filings, it will use Rs 45 crore of the IPO proceeds for working capital needs. An additional Rs 25.8 crore is set aside for investments in customer engagement, data science, artificial intelligence, and technology. The balance will be applied to general business needs, strategic projects, and acquisitions.
According to the DRHP, Elevation Capital holds a 23.4% stake in the OTA company, with Peak XV Partners and Gamnat holding 15.68% and 9.68% of the company’s shares, respectively. Together, co-founders Rajnish Kumar and Aloke Bajpai hold 16.67% of the company. Furthermore, a sizeable portion of the company is controlled by Micromax (5.81%), Trifecta Leaders (3.07%), Bay Capital (3%), and Malabar Investments (2.57%).
Ixigo is making a new attempt to go public in the midst of increasing operating revenue and profitability. Ixigo reported Rs 491 crore in operating revenue and Rs 65.7 crore in profit for the nine months ending in December 2023 (Apr-Dec 2023).
Its operating revenue increased by 32% to Rs 501 crore in FY23 from Rs 379.6 crore in FY22. It also became profitable in FY23 with a profit of Rs 23.4 crore compared to a loss of Rs 21 crore in FY22, following its remarkable growth.
