Travel Tech Firm Ixigo intends to raise INR 1600 crore as part of its IPO
According to the company's draught red herring prospectus (DRHP) filed with the capital markets regulator, ixigo intends to raise Rs 750 crore through a primary fundraise and Rs 850 crore through an offer for sale (OFS) from existing investors as part of its initial public offering. Thursday evening, the DRHP for the Rs 1,600 crore raise was filed.
While existing investors Micromax and Elevation Capital (formerly Saif Partners) will exit partially through an OFS, another older investor, MakeMyTrip, has already exited the company through a secondary sale, clocking 8x returns on its $4.8 million investment.
According to the draught prospectus, the promoters, Aloke Bajpai and Rajnish Kumar, intend to sell their stakes through the IPO as well.
As part of its pre-IPO round last month, the company raised $53 million (Rs 395 crore) from investors led by Singapore sovereign wealth fund GIC, with participation from Info Edge Ventures, White Oak, Bay Capital, Orios Venture Partners, Trifecta Capital, and Malabar Investments.
According to sources, the company is currently valued at around $850 million, and it is expected to go public later this year.
ixigo, which was founded in 2007, has over 250 million users. It paid an undisclosed sum for Bengaluru-based online train discovery and booking platform Confirmtkt earlier this year. Last week, the company announced the slump sale of AbhiBus, a Hyderabad-based bus ticketing and aggregation platform.
The travel industry has taken a significant hit in the last 18 months as a result of the Covid-19 pandemic. Travel and hospitality companies, on the other hand, have seen a revival, with markets such as the United States and Europe opening up as more than half of their populations have been vaccinated.
Following the devastating second wave of the Covid-19 virus, airlines and hospitality companies in India have seen higher occupancy rates.
The issue is being book-managed by investment banks ICICI Securities, Axis Capital, Kotak Mahindra Capital, and Nomura, with law firms such as Shardul Amarchand Mangaldas and Khaitan & Co advising the company on legal matters.
While existing investors Micromax and Elevation Capital (formerly Saif Partners) will exit partially through an OFS, another older investor, MakeMyTrip, has already exited the company through a secondary sale, clocking 8x returns on its $4.8 million investment.
According to the draught prospectus, the promoters, Aloke Bajpai and Rajnish Kumar, intend to sell their stakes through the IPO as well.
As part of its pre-IPO round last month, the company raised $53 million (Rs 395 crore) from investors led by Singapore sovereign wealth fund GIC, with participation from Info Edge Ventures, White Oak, Bay Capital, Orios Venture Partners, Trifecta Capital, and Malabar Investments.
According to sources, the company is currently valued at around $850 million, and it is expected to go public later this year.
ixigo, which was founded in 2007, has over 250 million users. It paid an undisclosed sum for Bengaluru-based online train discovery and booking platform Confirmtkt earlier this year. Last week, the company announced the slump sale of AbhiBus, a Hyderabad-based bus ticketing and aggregation platform.
The travel industry has taken a significant hit in the last 18 months as a result of the Covid-19 pandemic. Travel and hospitality companies, on the other hand, have seen a revival, with markets such as the United States and Europe opening up as more than half of their populations have been vaccinated.
Following the devastating second wave of the Covid-19 virus, airlines and hospitality companies in India have seen higher occupancy rates.
The issue is being book-managed by investment banks ICICI Securities, Axis Capital, Kotak Mahindra Capital, and Nomura, with law firms such as Shardul Amarchand Mangaldas and Khaitan & Co advising the company on legal matters.
.jpg "Caim By Arelang: India's First CandyCeuticals Company Offering Nutraceuticals in Irresistibly Tasty Treats")
