Ixigo receives Sebi clearance for IPO
Le Travenues Technology, which operates online travel portal Ixigo, has received clearance from the Securities and Exchange Board of India to raise funds through an initial public offering, according to a notification by the market regulator on Wednesday.
The Gurugram-based company had filed its initial IPO papers in February, with a proposal comprising an issue of fresh shares worth Rs 120 crore and an offer for sale (OFS) of 66.67 million shares by its existing shareholders. The selling shareholders included Elevation Capital (earlier Saif Partners), Peak XV Partners, and founders Aloke Bajpai and Rajnish Kumar, as per the draft red herring prospectus (DRHP).
Net proceeds from the sale of fresh shares are planned to be used for funding working capital requirements and acquisitions, investment in technology, other strategic initiatives and general corporate purposes. Axis Capital, DAM Capital Advisors, and JM Financial are the book-running lead managers for the issue.
