Le Travenues Technology Ltd, the operator of the travel booking platform ixigo, announced on Friday (June 7) that it has raised ₹333 crore from anchor investors before its initial public offering (IPO). The anchor investors include the Government of Singapore, Morgan Stanley, WhiteOak Capital, Bay Capital India Fund, Tata Investment Corporation, Bajaj Allianz Life Insurance Company, SBI Mutual Fund, and HDFC Mutual Fund.
The company has allotted 3.58 crore equity shares to 23 funds at ₹93 each, totaling ₹333 crore. The IPO, priced between ₹88 to ₹93 per share, will be open from June 10 to June 12.
The ₹740-crore IPO consists of a fresh issue of equity shares worth ₹120 crore and an Offer For Sale (OFS) of 6.66 crore equity shares worth ₹620 crore at the upper price band by existing shareholders.
Proceeds from the fresh issue will be used for the company’s working capital requirements, technology investments, and data science initiatives, including AI and customer engagement. Funds will also support acquisitions and general corporate purposes.
Launched in 2007 by Aloke Bajpai and Rajnish Kumar, ixigo is a leading online travel aggregator in India, assisting travelers with booking and managing trips across rail, air, bus, and hotels.
The company’s total income rose to ₹517 crore for the financial year ended March 2023, up from ₹385 crore in the previous year. It reported a profit of ₹23.4 crore for the year, a significant turnaround from a ₹21 crore loss in the prior year.
Axis Capital, DAM Capital Advisors, and JM Financial are the book-running lead managers for the public issue.
