Ixigo Poised for IPO Launch, Raises Rs 333 Crore in Anchor Investment

Le Travenues Technology Ltd, operator of the travel booking platform ixigo, has mobilised Rs 333 crore from anchor investors before its public IPO. Shares were allocated among major investors, including the Government of Singapore and Morgan Stanley. The Rs 740-crore IPO will be a mix of fresh equity and an Offer For Sale.

In a major financial move, Le Travenues Technology Ltd, known for operating the ixigo travel booking platform, amassed Rs 333 crore from anchor investors last Friday, preceding the launch of its public IPO.

Key investors such as the Government of Singapore and Morgan Stanley have secured shares. A total of 3.58 crore equity shares, valued at Rs 93 each, were allocated to 23 funds, totaling Rs 333 crore. The IPO is priced between Rs 88 and Rs 93 per share, set to open on June 10 and close on June 12.

The Rs 740-crore IPO includes a fresh equity issue worth Rs 120 crore and an Offer For Sale (OFS) of 6.66 crore equity shares amounting to Rs 620 crore by existing shareholders. Proceeds from the fresh issue will primarily cater to working capital and technological investments. Notably, 75 per cent of the issue size is reserved for qualified institutional buyers, 15 per cent for non-institutional investors, and 10 per cent for retail investors. The minimum bid is set at 161 shares.

Launched in 2007 by Aloke Bajpai and Rajnish Kumar, ixigo is now a leading online travel aggregator in India. The company saw its total income rise to Rs 517 crore for the fiscal year ending March 2023, climbing from Rs 385 crore the previous year. Profit for the recent fiscal year was Rs 23.4 crore, a significant turnaround from the Rs 21 crore loss reported in the prior year. Axis Capital, DAM Capital Advisors, and JM Financial are the lead managers for the public issue.

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