IPO: Ixigo’s Parent Company Raises Rs 333 Crore From Anchor Investors Ahead Of Maiden Offer

The firm, based out of Gurgaon, allotted 3.58 crore equity shares to 23 funds at the cost of Rs 93 per share, coming up to Rs 333 crore

Parent company of Travel booking platform ixigo, Le Travenues Technology Ltd, announced on Friday that it raised funds worth Rs 333 crore from anchor investors, a weekend ahead of the company’s initial public offering.

An official circular on the BSE website identified the Government of Singapore, Morgan Stanley, WhiteOak Capital, Bay Capital India Fund, Bajaj Allianz Life Insurance Compnay, Tata Investment Corporation, SBI Mutual Fund, and HDFC Mutual Fund as the anchor investors who received shares as part of the process.

The firm, based out of Gurgaon, allotted 3.58 crore equity shares to 23 funds at the cost of Rs 93 per share, coming up to Rs 333 crore. The maiden issue is set to accept bids from June 10 and will close for subscription on June 12.

The offer comprises a fresh issue of equity shares worth Rs 120 crore and an offer-for-sale (OFS) of 6.66 crore equity shares worth Rs 620 crore, at the upper end of the price band by existing shareholders. The price range for the listing has been set at Rs 88 to Rs 93 apiece.

The IPO, worth Rs 740 crore, will see existing shareholders offload their stakes in the firm, including Micromax Informatics Ltd, Catalyst Trusteeship Ltd, Aloke Bajpai, and Rajnish Kumar, among others.

From the funds raised from the maiden listing, Rs 45 crore would be allocated to finance the working capital requirements of the firm, while Rs 26 crore will be utilised towards making investments in technology, data science, cloud and server hosting, customer engagement, and artificial intelligence. 

The funds will be also be utilised to enhance inorganic growth via acquisitions and general corporate purposes.

The issue has Axis Capital, JM Financial, and DAM Capital Advisors as the book running lead managers. The company was launched in 2007 by Aloke Bajpaiand Rajnish Kumar and provides planning, booking, and overseeing travel services across rail, air, buses, and hotel booking to customers.