Ixigo’s parent company Le Travenues Technology has refiled its draft papers with the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO). The IPO will consist of a combination of fresh issuance of shares valued at ₹120 crore and an offer-for-sale (OFS) of 6,66,77,674 equity shares by existing shareholders, according to the draft red herring prospectus (DRHP) submitted on February 14.
Among the existing shareholders, SAIF Partners India IV and Peak XV Partners Investments V will be the primary sellers in the OFS of the professionally managed company, offering 1.94 crore and 1.3 crore equity shares, respectively. Additionally, Aloke Bajpai and Rajnish Kumar are set to divest 1.19 crore equity shares each through the Offer for Sale (OFS).
The Gurugram-based travel aggregator had previously submitted a draft red herring prospectus to the regulatory body in August 2021, with intentions to raise ₹1,600 crore through its inaugural public offering. Although the regulatory approval for the IPO launch was obtained in June 2023, the company opted not to proceed with the public issue at that time.
In seeking alternative avenues for capital infusion, the company is looking to raise up to ₹24 crore through a pre-IPO placement before finalizing the red herring prospectus with the Registrar of Companies.
Le Travenues Technology plans to allocate ₹45 crore of the net proceeds from the fresh issue towards fulfilling working capital requirements, while ₹25.8 crore will be earmarked for investments in cloud infrastructure and technology enhancements. The remaining portion of the fresh issue proceeds will be utilized for potential inorganic growth opportunities, including unidentified acquisitions, as well as for other strategic initiatives and general corporate purposes.
Axis Capital, DAM Capital Advisors, and JM Financial have been appointed as the merchant bankers for the issue.
The online travel agency posted a consolidated net profit of ₹23.4 crore for the fiscal year ending March FY23, marking a significant turnaround from the ₹21.09 crore loss incurred in the preceding year. Meanwhile, revenue from operations surged to ₹501.25 crore from ₹379.6 crore recorded during the corresponding period.
Overall, the re-filing of the draft papers signals Ixigo’s intention to move forward with its IPO plans and raise the necessary capital to support its future growth and expansion in the travel aggregator industry.
