Ixigo To Raise Rs 1600 Cr Via IPO, Files DRHP With Sebi
The online travel booking platform Ixigo has filed its preliminary papers with the Sebi (Securities and Exchange Board of India) to raise Rs 1,600 crore via an initial public offering. The company is likely to float its IPO by the end of the year amid the rush of private companies marching to the D-Street.
The offer consists of a fresh issue of shares worth Rs 750 crore and an offer-for-sale of Rs 850 crore by the existing shareholders and promoters of the company, as per the DRHP. The company is among the few of the online internet companies going public with profit on the sheets.
The share sale will give a partial exit to investors like Elevation Capital (then SAIF) and Micromax. Both Elevation and Micromax will offload shares worth Rs 550 crore and 200 crore, respectively in the OFS. The founders of the company, Aloke Bajpai and Rajnish Kumar will also offload shares worth Rs 50 crore each in the OFS.
Earlier, MakeMyTrip, a long-time investor in the company sought a full exit from the company ahead of the company's IPO. With the move, MMT's founder Deep Kalra also stepped down from Ixigo's board. MMT had invested around Rs $5 million in 2011 in the company.
The net proceeds of the issue will be used for funding organic and inorganic growth. Around Rs 540 crore will be used for the same, as per the document.
Incorporated in 2007 by Aloke Bajpai and Rajnish Kumar, Ixigo is an online travel booking platform that provides services like flight, hotel, train, and bus bookings. The company's net profit for FY21 stood at Rs 7.53 crore against a loss of Rs 26.61 crore in the last year.
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