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Ixigo IPO to open on June 10; plans to raise INR 840cr

The initial public offering (IPO) of Le Travenues Technology (Ixigo) is set to open on Monday, June 10, 2024. The company will be offering its shares in the range of INR 88-93 apiece.

Investors can apply for a minimum of 161 equity shares and its multiples thereafter until Wednesday, June 12.

Founded in 2006, Le Travenues Technology is an online travel agency (OTA) that enables travellers to book train, flight, and bus tickets as well as hotels under the brand name ‘Ixigo’. The company has the highest app usage among OTAs with a cumulative 83 million monthly active users across its apps, reports Business Today.

The IPO of Ixigo will include a fresh share sale of INR 120 crore and an offer-for-sale (OFS) of up to 6,66,77,674 equity shares by its existing shareholders amounting to little more than INR 620.10 crore. At the upper end of the price band, the company is looking to raise about INR 840 crore via IPO route.

SAIF Partners India IV, Peak XV Partners Investments V, Aloke Bajpai, Rajnish Kumar, Micromax Informatics, Placid Holdings, Madison India Capital and Capital Trusteeship are the selling shareholders in the offer-for-sale. Anchor book will open on Friday, June 7.

The net proceeds from the issue shall be utilised towards part-funding working capital requirements of the company; investments in cloud infrastructure and technology; funding inorganic growth through unidentified acquisitions and other strategic initiatives; and general corporate purposes. Proceeds from the OFS shall go to the selling shareholders of the company.

Its list of services includes PNR status and confirmation predictions, train seat availability alerts, train running status updates and delay predictions, alternative route or transportation planning, flight status updates, automated web check-in, bus running status, price and availability alerts, deal discovery, destination content, personalized recommendations, instant fare alerts for flights, AI-based travel planning service and automated customer support. (Source: Business Today)

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