Le Travenues Expertise Ltd, which operates journey reserving platform ixigo, on Friday stated its present sharehoders have accomplished the sale of equities value a little bit over Rs 176 crore in a pre-IPO spherical.

Those that picked up shares are Ashoka India Fairness Funding Belief Plc, Tata Multi Asset Alternatives Fund, Tata Digital India Fund, Bay Capital Holdings and Steadview Capital Mauritius, ixigo co-founders Aloke Bajpai and Rajnish Kumar informed PTI in an interplay.

The journey aggregator’s sure shareholders — SAIF Companions India IV Ltd, Peak XV Companions Investments V (previously generally known as SCI Investments V), Micromax Informatics Ltd, and Catalyst Trusteeship Ltd — collectively offered 1.89 crore shares to those institutional buyers on June 6 at Rs 93 apiece, which can be the higher finish of the worth band for the corporate’s Rs 740-crore IPO.

At this worth, the full transaction is pegged at Rs 176.2 crore. This pre-IPO spherical has been accomplished simply earlier than the anchor spherical that opens on Friday.

The Gurugram-based firm’s preliminary share-sale will open for public subscription on June 10 and conclude on June 12. Traders can have the chance to bid for shares priced within the vary of Rs 88-93 apiece.

The preliminary public providing (IPO) is a mix of contemporary difficulty of fairness shares value Rs 120 crore and an Supply For Sale (OFS) of 6.66 crore fairness shares to the tune of Rs 620 crore, on the higher finish of the worth band, by present shareholders. This interprets right into a public difficulty measurement of Rs 740 crore.

Beneath the OFS, SAIF Companions India IV Ltd, Peak XV Companions Investments V, Micromax Informatics Ltd, Placid Holdings, Catalyst Trusteeship Ltd, Madison India Capital HC, Bajpai, and Kumar will probably be promoting shares.

Publish-issue, Bajpai and Kumar stated they’ll cumulatively maintain a ten per cent stake within the firm.

Proceeds value Rs 45 crore from the contemporary difficulty will probably be used to fund the corporate’s working capital necessities and Rs 26 crore will probably be utilised for investments in know-how in addition to knowledge science, together with on cloud and server internet hosting, know-how on synthetic intelligence and buyer engagement.

Moreover, funds will probably be used to assist inorganic progress by acquisitions, and for common company functions.

Launched in 2007 by Bajpai and Kumar, Le Travenues Expertise is the nation’s main on-line journey aggregator, which helps travellers to plan, ebook and handle their journeys throughout rail, air, buses and accommodations.

The corporate’s complete earnings rose to Rs 517 crore within the monetary 12 months ended March 2023 from Rs 385 crore within the previous fiscal. The agency logged a revenue of Rs 23.4 crore for the 12 months ended March 2023 whereas it had a lack of Rs 21 crore within the earlier monetary 12 months.

On the corporate’s turning into black, Kumar stated this might be attributed to ixigo turning into a web based journey aggregator in 2017. Earlier than that it was a meta-search engine directing customers to platforms like MakeMyTrip and ClearTrip.

First Printed: Jun 07 2024 | 2:34 PM IST