We are discussing Ixigo Secured $40 Million Ahead of IPO From Anchor Investors:
Ixigo, a travel booking platform under Le Travenues Technology, has offered $40 million worth of shares to anchor investors for Initial Public Offerings. The company planned to make its first appearance on the stock market exchange on 10th June with a minimum of Rs 88 and a top-end price of Rs 93 for each with a minimum bid of 161 shares.
The board at Ixigo has approved a resolution to allot 3,58,11,405 equity shares at an issue price of Rs 93 each to raise $40 million. The shares will be given to Achor Investors. These fresh proceeds will scale up operations, enhance its platform, and meet market needs. The series E round had investors’ participation, including Trifecta, Eight Road Ventures, Chirate, and Amara partners, and was led by the Rise Fund with $16 million. The investment was made after the firm announced its pre-IPO secondary exercise of $21 million.
The pre-IPO secondary exercise made SAIF partners the company’s biggest stakeholder with a 20.52% stake, followed by 13.81% of Peak XV and Micromax with 5.52 percent. The co-founders of Ixigo hold a 16.65% stake in the startup. HDFC, Nomura Fund, SBI, Morgan Stanley, Tata Investments, and Bajaj Allianz are the key anchor investors in this IPO round. The regulatory filing shows that out of 3,58,11,405 equity shares allocated for anchor investors, 1,20,87,583 equity shares were given to four domestic mutual funds through 7 schemes.
The startup focuses on becoming the most customer-centric OTA in the country by helping Indian travelers make better travel plans. The company is expected to open its Initial Public Offering with a minimum of 161 lots for its retail investors. The startup reported growth in operating revenue of Rs 491 crore this fiscal year and a sizable profit of Rs 65.7 crore.
Conclusion
This Gurugram-based startup, Ixigo, is a subsidiary of Le Travenues Technology. Ixigo makes travel easy for its users by booking hotels, notifying flight delays, and offering flexible bookings. This travel booking platform has offered $40 million worth of shares to anchor investors for Initial Public Offerings after closing its pre-IPO secondary exercise at $21 million. The series E round had investors’ participation, including Eight Road Ventures, Trifecta, Chirate, and Amara partners, and was led by the Rise Fund with $16 million.
The investment was made after the firm announced its pre-IPO secondary exercise of $21 million. The regulatory filing shows that out of 3,58,11,405 equity shares allocated for anchor investors, 1,20,87,583 equity shares were given to four domestic mutual funds through 7 schemes. The company planned to make its first appearance on the stock market exchange on 10th June with a minimum of Rs 88 and a top-end price of Rs 93 for each with a minimum bid of 161 shares. This funding will scale up operations, enhance its platform, and meet market needs.
