Travel platform ixigo files for INR 1,600-crore IPO – ET TravelWorld

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Travel booking app ixigo is looking to raise INR 750 crore through a primary fundraise and INR 850 crore via an offer for sale (OFS) from existing investors as part of its initial public offering, according to the company’s draft red herring prospectus (DRHP) filed with the capital markets regulator.

The DRHP for the INR 1,600 crore raise was filed Thursday evening. ET has reviewed a copy of it.

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

The cofounders, Rajnish Kumar and Aloke Bajpai are also looking to sell their stakes through the IPO, the draft prospectus shows.

Last month, as part of its pre-IPO round, the company raised $53 million (Rs 395 crore) from investors led by Singapore sovereign wealth fund GIC with participation from 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 being valued at around $850 million and is likely to launch its IPO later this year. The company said it will use INR 540 crore of the IPO proceeds to power its organic and inorganic growth initiatives.

Launched in 2007, ixigo has a user base of more than 250 million. Earlier this year, it acquired Bengaluru-based online train discovery and booking platform Confirmtkt for an undisclosed amount. Last week, the company said it has acquired AbhiBus, a Hyderabad-based bus ticketing and aggregation platform on a slump sale basis.

The company recorded a total income of INR 138.4 crore for the financial year ending March 31, 2021 as against INR 112.9 crore in FY20. It earned profit of INR 7.5 crore in FY21 as against net loss of INR 26.6 crore for FY 20.

The travel segment has been severely hit in the last 18 months due to the Covid-19 pandemic. However, travel and hospitality companies have seen a revival with markets like US and Europe opening up as more than 50 per cent of their population has been vaccinated. In India, too airlines and hospitality companies have clocked better occupancy rates post 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 issue while law firms such as Shardul Amarchand Mangaldas and Khaitan & Co are advising the company on legal matters.



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