Travel platform ixigo files for Rs 1,600-crore IPO

AI-based journey app ixigo is seeking to elevate Rs 750 crore in main fundraise and Rs 850 crore by way of a suggestion on the market from current buyers as a part of its initial public offering, based on the corporate’s draft pink herring prospectus filed with the markets regulator.

The DRHP for the Rs 1,600 crore elevate was filed late Thursday night. ET has reviewed a replica of it.

Whereas Le Travenues Technology Ltd, the corporate that operates the web ticketing platform, will see current buyers Micromax and Elevation Capital (previously Saif Companions) exit partially by way of the supply on the market, its different older investor MakeMyTrip has
already exited the firm through a secondary sale clocking 8x returns on its $4.8 million funding, as reported by ET earlier this week.

The promoters, Aloke Bajpai and Rajnish Kumar, are additionally seeking to pare stakes by way of the IPO, the draft prospectus confirmed.

Final month, as a part of its pre-IPO spherical, the corporate
raised $53 million (Rs 395 crore) from investors led by Singapore’s sovereign wealth fund GIC with participation from buyers similar to InfoEdge Enterprise Funds, White Oak, Bay Capital, Orios Enterprise Companions, Trifecta Capital and Malabar Investments.

In keeping with sources, the corporate is at the moment being valued at round $850 million and is prone to launch its IPO later this 12 months.

Launched in 2007, ixigo has a person base of greater than 250 million. Earlier this 12 months, the corporate
acquired Bengaluru-based online train discovery and booking platform Confirmtkt for an undisclosed quantity. Final week, the corporate stated it has
acquired AbhiBus, a Hyderabad-based bus ticketing and aggregation platform on a stoop sale foundation for a consideration of combine of money and ixigo fairness.

Additionally Learn:
Ixigo adds six new independent board members ahead of IPO

Funding banks ICICI Securities, Axis Capital, Kotak Mahindra Capital and Nomura are the guide managers of the problem whereas legislation companies similar to Shardul Amarchand Mangaldas and Khaitan & Co are advising the corporate on authorized issues.