Travel platform ixigo files for an IPO of Rs 1600 crore



Bombay: The ixigo travel booking app seeks to raise Rs 750 crore through a main fundraiser and rupee 850 crore through an Offer to Sell (OFS) from existing investors as part of its initial public offering, according to the company’s draft prospectus on red herring (DRHP) filed with the capital markets regulator.

The DRHP for the Rs 1,600 crore increase was filed Thursday evening. ET reviewed a copy.

While Le Travenues Technology Ltd, the company that operates the online ticketing platform, will see existing investors Micromax and Elevation Capital (formerly Saif Partners) partially exit via an OFS, its other older investor MakeMyTrip has already left the company. via a secondary sales score, 8x of its $ 4.8 million investment, ET reported earlier this week.

Co-founders Rajnish Kumar and Aloke Bajpai are also looking to sell their stakes through the IPO, the draft prospectus says.

Last month, as part of its pre-IPO cycle, the company raised $ 53 million (Rs 395 crore) from investors led by Singapore’s sovereign wealth fund GIC with the participation of investors such as Info Edge Ventures, White Oak, Bay Capital, Orios Venture Partners, Trifecta Capital and Malabar Investments.

According to sources, the company is currently valued at around $ 850 million and is expected to go public later this year. The company said it would use Rs.540 crore of the IPO’s proceeds to fuel its organic and inorganic growth initiatives.

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Launched in 2007, ixigo has more than 250 million users. Earlier this year, it acquired the Bengaluru-based online train discovery and reservation platform Confirmtkt for an undisclosed fee. Last week, the company announced that it had acquired AbhiBus, a Hyderabad-based bus ticketing and aggregation platform on the basis of a low-cost sale.

The company recorded total income of Rs 138.4 crore for the fiscal year ending March 31, 2021 against Rs 112.9 crore in fiscal year 20. It made a profit of Rs 7.5 crore during of fiscal year 21, against a net loss of Rs 26.6 crore for fiscal year 20.

Read also:
Ixigo adds six new independent members to its board of directors ahead of the IPO

The travel segment has been hit hard over the past 18 months due to the Covid-19 pandemic. However, travel and hospitality companies have seen a revival with the opening of markets like the United States and Europe, as more than 50% of their population has been vaccinated. In India, airlines and hotel businesses also recorded better occupancy rates after the devastating second wave of the Covid-19 virus.

Investment banks ICICI Securities, Axis Capital, Kotak Mahindra Capital and Nomura are the book managers of the show while law firms such as Shardul Amarchand Mangaldas and Khaitan & Co advise the company on legal matters.

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