Ixigo parent gets Sebi approval for Rs 1,600-crore IPO

Le Travenues Technology Ltd., which operates travel platform Ixigo, has received approval of Securities and Exchange Board of India to raise Rs 1,600 crore through an initial public offering.
The capital markets regulator has issued an observation letter to the company, indicating its go-ahead for the Ixigo IPO. The listing is likely in January-February, according to a person aware of the matter.

According to the draft red-herring prospectus, the Ixigo IPO comprises a fresh issuance of shares worth Rs 750 crore and an offer-for-sale of equity shares worth Rs 850 crore by existing shareholders. As part of the OFS, SAIF Partners India IV will offload shares worth Rs 550 crore, Micromax Informatics will sell shares for Rs 200 crore and cofounders Aloke Bajpai and Rajnish Kumar will divest stakes worth Rs 50 crore each.

Currently, SAIF Partners holds 23.97% stake in the company, Micromax 7.61%, Aloke Bajpai 9.18% and Rajnish Kumar 8.79%.
The proceeds of the fresh issue will be used to fund the company’s organic and inorganic growth initiatives and for general corporate purposes.

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