Upcoming IPO: Ixigo's Parent Firm To Accept Bids For Maiden Issue From June 10, Check Details Here

Travel booking platform ixigo’s parent company, Le Travenues Technology Ltd, is planning to raise around Rs 740 crore via its initial public offering (IPO). The maiden offer will be available for subscription from June 10 to June 12. 

The IPO includes a fresh issue of equity shares worth Rs 120 crore, along with an offer-for-sale (OFS) of 6.66 crore equity shares by existing shareholders. The company has fixed the price of the maiden offer at Rs 88 to Rs 93 per share. Anchor investors will be able to submit their bids on June 7, the firm informed.

The company, based out of Gurugram, aims to raise Rs 740 crore from the offering. The shareholders offloading their stake via OFS include SAIF Partners India IV Ltd, Micromax Informatics Ltd, Catalyst Trusteeship Lts, Peak XV Partners Investments V, Placid Holdings, Aloke Bajpai, Madison India Capital HC, and Ranjish Kumar, reported PTI.

The firm plans to utilise funds worth Rs 45 crore to finance its working capital requirements and Rs 26 crore will be set aside for investments in technology and data science, including cloud and server hosting, artificial intelligence, and customer engagement.

Further, the proceeds from the offer would provide support for inorganic growth via acquisitions, and for general corporate purposes. About 75 per cent of the offer has been reserved for qualified institutional buyers (QIBs), while non-institutional investors will be able to subscribe for 15 per cent of the issue size. The remaining 10 per cent has been set aside for retail investors.

Individuals can apply for the issue in a bid of a minimum of 161 shares and in multiples thereof. The parent company was launched in 2007 by Bajpai and Kumar and provides travel booking and managing assistance to customers. The total income of the firm climbed to Rs 517 crore in the 2022-23 fiscal year (FY23), against Rs 385 crore logged in the preceding fiscal year.

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