Here’s How ixigo Parent Le Travenues Plans To Utilise IPO Proceeds

Here’s How ixigo Parent Le Travenues Plans To Utilise IPO Proceeds

SUMMARY

Le Travenues Technology will be raising INR 1,600 Cr through IPO

It plans to invest at least INR 640 Cr for organic & inorganic growth

Plans to utilise not more than 25% of net proceeds for general corporate purposes

Le Travenues Technology, the parent company of online travel aggregator ixigo, has filed its DRHP and will be raising INR 1,600 Cr from the public market.  The parent company will be issuing fresh shares worth INR 750 Cr and will allow offloading of shares from its existing investors to the tune of INR 850 Cr. 

While ixigo joining the bandwagon of Indian tech companies like Paytm, CarTrade, MobiKiwk, Nykaa, and PolicyBazaar among others were speculated, the parent company’s conversion from a private company to a public company confirmed it. The company after bagging its Pre-IPO fund worth $53 Mn led by Singapore-based sovereign fund GIC, appointed six independent directors in its run-up to file DRHP. Ixigo, in its pre-IPO round, has also offered an 8X return to its early investor MakeMyTrip, which had invested $4.8 Mn in 2011. 

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