Travel Portal Ixigo's Parent Firm Files Draft Papers For Ipo

Le Travenues Technology Ltd, parent of Ixigo, takes a leap towards expansion with its IPO filing. The offering includes a fresh issue of shares and an OFS by key stakeholders.
Travel Portal Ixigo's Parent Firm Files Draft Papers For Ipo

Le Travenues Technology Ltd, which operates travel booking platform ixigo, on Wednesday filed preliminary papers with Sebi to raise funds through an initial public offering.

The Gurugram-based company's Initial Public Offering (IPO) will be a combination of fresh issue of equity shares worth Rs 120 crore and an Offer For Sale (OFS) of 6.66 crore equity shares by existing shareholders, according to the Draft Red Herring Prospectus (DRHP).

SAIF Partners India IV Ltd, Peak XV Partners Investments V (formerly known as SCI Investments V), Micromax Informatics Ltd, Placid Holdings, Catalyst Trusteeship Ltd, Madison India Capital HC, Aloke Bajpai and Rajnish Kumar will be selling shares through the OFS.

Proceeds worth Rs 45 crore from the fresh issue will be used to fund the company's working capital requirements and Rs 26 crore will be utilised for investments in technology as well as data science, including on cloud and server hosting, technology on artificial intelligence and customer engagement.

Additionally, funds will be used to support inorganic growth through acquisitions, and for general corporate purposes.

Axis Capital, DAM Capital Advisors and JM Financial are the book running lead managers to the public issue.

Le Travenues Technology was launched in 2007 by Aloke Bajpai.

The company's total income rose to Rs 517 crore in the financial year ended March 2023 from Rs 385 crore in the preceding fiscal. The firm logged a profit of Rs 23.4 crore for the year ended March 2023 whereas it had a loss of Rs 21 crore in the previous financial year.

The company had filed draft papers with Sebi in August 2021 to float a Rs 1,600 crore-IPO. However, the plan did not take off.

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