Ixigo raises Rs 333 Cr from anchor investors ahead of IPO

By Entrackr

Le Travenues Technology Limited, the parent company of travel booking platform Ixigo, has offered Rs 333 crore ($40 million) worth of shares to anchor investors as part of its initial public offering.

The board at Ixigo has passed a resolution to offer 3,58,11,405 equity shares at an issue price of Rs 93 each to its anchor investors, its regulatory filing accessed from the Bombay Stock Exchange shows.

The development came just after the announcement of its pre-IPO secondary placement of Rs 176.2 crore ($21 million) at the top-end price.

SBI, HDFC, Morgan Stanley, Nomura Fund, 3P India, Motilal Oswal, Malabar, Bajaj Allianz, and Tata Investments are some key anchor investors in Ixigo’s IPO.

Out of the total allocation of 3,58,11,405 equity shares to the anchor investors, 1,20, 87,583 equity shares were allocated to 4 domestic mutual funds through 7 schemes, the filing further added.

Ixigo will initiate its public offering from (10th June to 12th June) 2024 with a price band of Rs 88-93 with a minimum bid quantity of 161 shares.

Before the anchor investment round, SAIF Partners owned 20.52% while Peak XV and Micromax held 13.81% and 5.52%, respectively. Ixigo’s co-founders Aloke Bajpai and Rajnish Kumar cumulatively command 16.65% of the company.

Ixigo demonstrated decent growth during the first nine months of the last fiscal year (FY24). Its operating revenue stood at Rs 491 crore while the firm also made a sizable profit of Rs 65.7 crore in the same period.

Source: Entrackr