Ixigo's parent Le Travenues Technology refiles draft papers with SEBI to raise funds via IPO
Travel aggregator Ixigo’s parent company Le Travenues Technology has resubmitted its draft papers to the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO). The travel company is backed by SAIF Partners India IV, Peak XV and Micromax.
The IPO comprises 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 (previously known as SCI 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.
Le Travenues Technology, the parent company of Ixigo, 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.
