Le Travenues Technology, which operates online travel portal Ixigo, has obtained clearance from the Securities and Exchange Board of India to boost funds via an initial public offering, in line with a notification by the market regulator on Wednesday.
The Gurugram-based firm had filed its preliminary IPO papers in February, with a proposal comprising a difficulty of contemporary shares price INR 120 crore and a suggestion on the market (OFS) of 66.67 million shares by its present shareholders. The promoting shareholders included Elevation Capital (earlier Saif Companions), Peak XV Partners, and founders Aloke Bajpai and Rajnish Kumar, as per the draft purple herring prospectus (DRHP).
Internet proceeds from the sale of contemporary shares are deliberate for use for funding working capital necessities and acquisitions, funding in know-how, different strategic initiatives and basic company functions.
Ixigo, launched in 2007 by Bajpai and Kumar, focuses on enabling Indian travellers to plan, ebook and handle their journeys throughout rail, air, buses, and inns.
It competes with listed on-line journey brokers akin to MakeMyTrip, IRCTC, Yatra Online and EaseMyTrip.
For the 9 months via December 2023, the corporate reported a internet revenue of INR 65.7 crore and an working income of INR 491 crore.
Axis Capital, DAM Capital Advisors, and JM Monetary are the book-running lead managers for the problem.