As reported by Moneycontrol, Gurgaon-based travel search provider ixigo is in the final stages of sealing a $53 million pre-IPO (Initial Public Offer) round by combining both primary and secondary issue of shares.
According to industry sources familiar with the matter, the company has almost reached a contract with a set of investors led by GIC Private Limited, Singapore’s sovereign wealth fund.
On 5th April, Moneycontrol was the first to report about ixigo’s plans to turn public in the year 2021 and was considering to raise an amount of ₹1,500 crores to ₹1,800 crores through the proposed IPO.
Furthermore, on 12th April, Moneycontrol reported that the travel firm had shortlisted Kotak Mahindra Bank, Axis Bank, ICICI Securities and Nomura as advisors for its listing.
One of the persons cited above stated, “IPO-bound ixigo has held discussions with a consortium of investors led by GIC, Info Edge, Malabar Investments & White Oak Capital and an official announcement on the transaction is expected shortly.”
Another individual informed Moneycontrol that Orios Venture Partners, Bay Capital & Trifecta Capital will be participating as investors in the fundraising round. The firm might utilize the amount raised for its growth capital as well as Mergers and Acquisitions (M&A) activity.
A third person provided a confirmation on the quantum of the fundraising along with the list of investors where multiple investors had put money earlier in recent pre-IPO rounds.
A fourth individual told Moneycontrol that the I-bankers were expecting a combined valuation of $800 million to $1 billion for the firm as a part of its listing plans.
