Ixigo IPO: Travel Platform files draft documents for a public issue of Rs 1600 cr

Gurugram-based Travenues Technology Ltd, which operates the ixigo travel booking app, has filed the Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise 1,600 crore of Rupees through its Initial Public Offering (IPO).

According to the initial prospectus submitted to SEBI, the IPO of ixigo would include a new issue of Rs 750 crore and an offer to sell (OFS) in the amount of Rs 850 crore by existing stakeholders.

OFS includes sales of up to 550 crore by Saif Partners India IV, Rs 200 crore by Micromax Informatics and Rs 50 crore each by Aloke Bajpai and Rajnish Kumar.

Also read: MakeMyTrip leaves ixigo ahead of its IPO

At present, SAIF Partners owns 23.97 percent in the company, Micromax 7.61 percent, Aloke Bajpai 9.18 percent and Rajnish Kumar 8.79 percent of the capital of the company.

Proceeds from the new issue will be used to fund the company’s organic and inorganic growth initiatives and for general corporate purposes.

Launched in 2007 by Aloke Bajpai, Ixigo aims to empower travelers to plan, book and manage their trips by leveraging artificial intelligence, machine learning and data science-driven innovations.

Also read: Former Paytm director urges SEBI to block IPO of Rs 16,600 cr

The company headquartered in Gurugram has more than 250 million users. In July, ixigo raised $ 53 million, through a combination of primary and secondary equity issues, from investors led by Singapore’s sovereign wealth fund GIC.

It has weathered the coronavirus pandemic well and has managed to grow despite the fact that most travel agencies account for less than half of FY20 revenue in FY21.

ICICI Securities, Axis Capital, Kotak Mahindra Capital, Nomura Financial Advisory and Securities are the main managers of the issue.

(With entries from PTI.)

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