Ixigo’s parent company will receive Rs 333 cr from anchor investors ahead of the IPO
Le Travenues Technology Ltd, which operates travel booking platform ixigo, on Friday said it has mobilized Rs 333 crore from major investors ahead of launching its maiden share sale for public subscription.
The major investors to whom shares have been allotted are the Singapore government, Morgan Stanley, WhiteOak Capital, Bay Capital India Find, Tata Investment Corporation, Bajaj Allianz Life Insurance Company, SBI Mutual Fund and HDFC Mutual Fund, according to a circular uploaded on BSE website .
In total, the company has allotted 3.58 crore shares to 23 funds at Rs 93 each, amounting to Rs 333 crore, it added.
The issue, with a price band of Rs 88 to Rs 93 per share, will open on June 10 and close on June 12.
The Gurugram-based company’s Rs 740 crore IPO is a combination of a fresh issue of shares worth Rs 120 crore and an Offer For Sale (OFS) of 6.66 crore shares amounting to Rs 620 crore, on the upper end of the price range, by existing shareholders.
Under the OFS, SAIF Partners India IV Ltd, Peak
Proceeds worth Rs 45 crore from the fresh issue will be used to fund the company’s working capital needs and Rs 26 crore will be used for investments in technology and data science, including cloud and server hosting, artificial intelligence technology and customer engagement. .
In addition, the funds will be used to support inorganic growth through acquisitions and for general corporate purposes.
The company said 75 percent of the issue size is reserved for qualified institutional buyers (QIBs), 15 percent for non-institutional investors and the remaining 10 percent for retail investors. Investors can bid on a minimum of 161 shares and in multiples thereof.
Launched in 2007 by Aloke Bajpai and Rajnish Kumar, Le Travenues Technology is the country’s leading online travel aggregator, helping travelers plan, book and manage their train, air, bus and hotel trips.
The company’s total revenue rose to Rs 517 crore in the financial year ended March 2023, against Rs 385 crore in the previous financial year. The company posted a profit of Rs 23.4 crore for the year ended March 2023, while it incurred a loss of Rs 21 crore in the previous financial year.
Axis Capital, DAM Capital Advisors and JM Financial are the lead managers for the public offering.
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First print: June 7, 2024 | 10:48 PM IST