Ixigo is a travel booking platform under Le Travenues Technology that has closed its pre-IPO secondary round at $21 million. The startup is aiming to make its debut on the stock market exchange on 10th June with Rs 88 to 93 per share. The startup announced the placement of $21 million with a top-end price of Rs 93 for each.
Ixigo is a platform for booking flights and hotels with the best offers and deals around the country. A report by Entrackr mentioned that the early investor of the firm, SAIF partners sold its 1,07,52,690 shares for $12 million to Ashok India, Bay Capital, and Tata Digital Fund. Another investor, Peak XV Partners sold its 69,892,48 shares for $7.8 million to Steadview Holding and Bay Capital. Madison and Micromax India also sold their shares to Steadview Capital for $1.3 million in a pre-IPO secondary round.
Image source: ixigo.com
After this pre-IPO secondary placements, SAIF partners became the biggest stakeholder of the startup with 20.52 percent followed by Peak XV at 13.81% and Micromax with 5.52 percent of the total share. The co-founders of Ixigo, Ranjnisj Kumar and Aloke Bajpai account for a 16.65% stake in the startup. Entrackr predicted SAIF partners to get 13 times more return from Ixigo while Prak XV will have 8.2 X returns followed by Micromax with a 10.88-time return rate. The company aims to become the most customer-centric OTA startup by empowering Indian travelers with better plans and choices for their travel.
The company is expected to open its Initial Public Offering from 10th June to 12th June with a minimum lot size of nearly 161 lots for its retail investors. While the minimum lot size for non-institutional investors is 14 lots. The company had growth in this financial year with an operating revenue of Rs 491 crore. In the same duration, this firm had a sizable profit of Rs 65.7 crore.
Conclusion:
Le Travenues Technology is the parent company of this Gurugram-based startup, Ixigo. Ixigo provides a smooth and seamless experience to its users by predicting flight delays, booking hotels, and providing flexible flight bookings. This travel booking platform has closed its pre-IPO secondary round at $21 million. The startup announced the placement of $21 million with a top-end price of Rs 93 for each. SAIF Partners sold its 1,07,52,690 shares for $12 million to Ashok India, Bay Capital, and Tata Digital Fund. Another investor, Peak XV Partners sold its 69,892,48 shares for $7.8 million to Steadview Holding and Bay Capital. Madison and Micromax India also sold their shares to Steadview Capital for $1.3 million in a pre-IPO secondary round. After this pre-IPO secondary placements, SAIF partners became the biggest stakeholder of the startup with 20.52 percent followed by Peak XV at 13.81% and Micromax with 5.52 percent of the total share. The company aims to become the most customer centric OTA startup by empowering Indian travelers with better plans and choices for their travel.
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