ixigo Refiles DRHP For IPO, Slashes Fresh Issue Size To INR 120 Cr

SUMMARY

The company’s initial public offering (IPO) will comprise a fresh issue of INR 120 Cr and an OFS component of 6.66 Cr equity shares

The fresh proceeds will be utilised to fund the startup’s working capital requirements, ramp up its tech stack and to shore up inorganic growth via acquisitions

SAIF Partners India, Peak XV Partners, Micromax Informatics and cofounders Aloke Bajpai and Rajnish Kumar are among the investors who will sell shares via OFS

Online travel aggregator (OTA) ixigo’s parent Le Travenues Technology Ltd refiled its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Wednesday (February 14).

As per the DRHP, the startup’s initial public offering (IPO) will comprise a fresh issue of INR 120 Cr and an offer for sale (OFS) component of 6.66 Cr equity shares. 

SAIF Partners India, Peak XV Partners, Micromax Informatics and cofounders Aloke Bajpai and Rajnish Kumar are among the investors who will sell shares via OFS. 

The startup would use INR 45 Cr from the IPO proceeds for its working capital requirements.  Of the remaining, INR 26 Cr will be deployed to ramp up its tech stack and scale up investments in data science, artificial intelligence, among others.

The funds raised from the IPO will also be used for general corporate purposes and to shore up inorganic growth via acquisitions.

This is the company’s second attempt at a public listing. It first filed DRHP for an INR 1,600 Cr IPO in 2021. However, ixigo shelved its public listing plans last year due to negative macroeconomic environment