+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

Travel app ixigo files for a ₹1,600 crore IPO

Aug 13, 2021, 09:09 IST
Business Insider India
ixigo founders Rajnish Kumar and Aloke Bajpaiixigo
  • 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.
Advertisement
Gurugram-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.
Advertisement


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.

SEE ALSO
Swiggy reports nearly three-fold increase in annual revenue, in neck and neck race with Zomato
Lenskart aims to hire over 2000 employees to ramp up its operations
Samsung may dominate the foldable smartphone market with 88% share, says report
You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article